Friday, September 18, 2026

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Oil Prices

Oil Prices Dip Amid China Coal Push, U.S. Inventory Draw

Oil prices traded lower in early Friday trading, with West Texas Intermediate (WTI) crude down 1.05% to $96.21 per barrel. Brent crude fell 1.33% to $98.60, according to live price data. Natural gas also softened, trading at $2.86, down $0.04. The discount for Bakken crude versus the WTI benchmark was $3.42. The price pressure comes as China, the world's largest energy consumer, moves to boost domestic coal supply. According to a report from OilPrice.com, the Chinese government has called on local coal miners to maintain stable production after spot thermal coal prices recently climbed to a three-year high. While China's coal share in power generation dipped below 50% for the first time in the first half of 2026, the fuel remains a critical 49.7% of its mix. Analysts note coal will increasingly act as a flexible backstop to renewable energy, but price swings necessitate government intervention. This focus on securing...

☀️Morning Wire·Sep 18

Rig Report

North Dakota Rig Count Holds at 33 for Fourth Straight Week

The number of active drilling rigs in North Dakota held steady at 33 on Friday, September 18, 2026, according to live rig data from Bakken Wire. No rigs were added or removed, and none moved locations from the previous day. The current count represents no change from the 33 rigs reported in the state a month ago on August 19. However, compared to one week prior, the rig count is down by one unit. On September 11, Bakken Wire reported 34 rigs active in the Williston Basin. A rig count of 33 places Bakken activity at a level typical for the region in recent periods, reflecting a consistent operational tempo among major operators. This stability in the drilling fleet often correlates with steady crude oil production volumes from the formation, which is North Dakota's primary oil-producing region. The flat week-over-week and month-over-month trends suggest a period of consolidation in drilling...

☀️Morning Wire·Sep 18

Daily Activity

DMR Issues 2 New Permits; 5 Confidential Status Changes Released

The North Dakota Department of Mineral Resources (DMR) approved two new drilling permits in filings from Thursday, September 17, 2026, according to its daily activity report. The agency also released five wells from confidential status. Continental Resources, Inc. and Koda Resources Operating, LLC each secured one permit. Continental's permit (43311) is for the PETERSON 10-29HSL well in Williams County, targeting the EAST FORK field. Koda Resources' permit (43310) is for the AMBER 1704-7BH well in Divide County within the FERTILE VALLEY field. In a separate status change, three wells operated by Enerplus Resources USA Corporation in Dunn County have been released from confidential status. The wells are EDWARD FEDERAL 4797 43-21 2B (42672), EDWARD FEDERAL 4797 43-21 4B (42674), and EDWARD FEDERAL 4797 43-21 5B (42675). All are located in SW SE 21-147N-97W. Additionally, two wells operated by Burlington Resources Oil & Gas Company LP in McKenzie County's Haystack Butte...

☀️Morning Wire·Sep 18

Operator News

ExxonMobil Warns Coal Use Is Accelerating Global Warming

ExxonMobil has stated that coal consumption is accelerating global warming, according to a report from Rigzone. The company made the statement on Friday, September 18, 2026. The oil explorer maintains that its forecasts are grounded in scientific and economic data, which take into account realistic changes in government policies and consumer behavior, Rigzone reported. For operators in North Dakota's Bakken formation, such high-level climate assessments from a major industry player underscore the long-term market and regulatory environment in which they operate. While the Bakken is primarily an oil-producing region, the broader energy transition away from carbon-intensive fuels shapes investment and strategic planning. ExxonMobil's emphasis on data-driven forecasts suggests a focus on pragmatic energy scenarios. This outlook acknowledges a gradual shift in the global energy mix while recognizing the continued role of hydrocarbons like oil and natural gas during the transition. Bakken operators, which include some of the world's largest oil...

☀️Morning Wire·Sep 18

Global Markets

China's Diesel Exports Surge Amid Global Shortage, Impacting Bakken Market

China's refined fuel exports surged in August, led by a 42.1% annual increase in diesel shipments, according to customs data reported by OilPrice.com. The country exported 1.33 million tons of diesel last month amid a deepening global shortage of the fuel. This surge comes despite Chinese government export curbs imposed earlier in the year following the Middle East war and the closure of the Strait of Hormuz. The global diesel shortage is drawing in major buyers, with Saudi Aramco actively seeking to secure thousands of tons of diesel supply in the Mediterranean, according to a report from Rigzone. This competitive demand for distillates in key regions like Europe and the Mediterranean supports a tighter global refined product market. For Bakken operators and North Dakota royalty owners, the strength in global diesel markets is a critical factor for regional crude oil pricing. Bakken crude is a light, sweet feedstock highly valued...

☀️Morning Wire·Sep 18

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Dip Slightly Amid Saudi Pipeline Attack Fallout

Oil prices were mixed in midday trading Friday, with West Texas Intermediate crude showing a slight decline. WTI for October delivery was down 0.51% to $96.73 per barrel, while Brent crude edged 0.16% lower to $99.77. The Bakken differential, the discount for crude priced at Clearbrook, Minnesota, was $3.42 per barrel below WTI. The price movement comes as the market continues to digest the impact of attacks on critical Saudi Arabian export infrastructure. According to OilPrice.com, drone strikes have forced Saudi Arabia to shut its East-West Pipeline, which had been moving roughly 4 million barrels per day—equivalent to 4% of global supply—to the Red Sea port of Yanbu. This pipeline had become a primary alternative route for Saudi exports after the conflict in Iran severely disrupted traffic through the Strait of Hormuz. Inventories at Yanbu may only maintain recent export levels for five to seven days if the pipeline remains...

🔆Midday Wire·Sep 18

Operator News

South Africa Seeks LNG Terminal Operator at East London Port

Transnet National Ports Authority is seeking an operator to develop a liquefied natural gas import terminal at the Port of East London in South Africa, according to a report from Rigzone. The state-owned port authority has opened applications for the small to medium-scale LNG receiving terminal project in the country's Eastern Cape province. The development of new global LNG import infrastructure represents a potential future outlet for natural gas produced in the Bakken formation. While North Dakota gas is primarily consumed domestically or in regional markets, growing international demand for LNG can support broader market fundamentals and provide optionality for producers. For Bakken operators, the announcement is a reminder of the evolving global gas trade. New import terminals, especially in developing economies seeking to diversify energy sources, can incrementally increase long-term demand. A project in South Africa would connect to a market actively seeking to secure stable energy supplies. The...

🔆Midday Wire·Sep 18

Global Markets

Global Supply Moves Pressure Bakken as Russia Advances, LNG Flows Resume

The $118 billion Russian Arctic oil project Vostok Oil is pushing ahead despite Western sanctions, according to an investigation by RFE/RL's Systema unit and the NGO Arctida. The project, led by Russian state giant Rosneft, represents a significant future source of global oil supply that could compete with non-OPEC producers like those in the Bakken. Russian President Vladimir Putin recently hailed the launch of the project's first stage, which includes a 790-kilometer pipeline and a new port, as a "momentous event." Simultaneously, liquefied natural gas (LNG) tankers are beginning to push through the Strait of Hormuz again after a six-month near-standstill, according to tanker-tracking data reported by Bloomberg. At least two LNG carriers transited the strait this week, and ship-to-ship transfers have been spotted offshore Oman. The resumption of flows from major exporters Qatar and the United Arab Emirates (UAE) could ease the global gas crunch that has supported prices....

🔆Midday Wire·Sep 18

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Drop Sharply as OPEC+ Signals Potential Supply Increase

Front-month WTI crude oil futures fell sharply on Friday, September 18, trading down $1.84 (-1.89%) to settle at $95.39 per barrel. The global benchmark Brent crude dropped $1.26 (-1.26%) to $98.67. The Bakken crude differential to WTI was quoted at -$3.42. The day's sell-off was primarily driven by signals from the OPEC+ alliance that it may consider increasing production quotas sooner than expected, according to market reports. This potential shift, aimed at alleviating high prices that threaten global economic growth, introduced significant bearish sentiment into a market that had been trading near multi-year highs. For Bakken operators, the price drop directly impacts the realized price for their crude. With WTI at $95.39 and the regional differential at -$3.42, the wellhead price for Bakken crude would be approximately $91.97 per barrel before further local adjustments. While still a robust price historically, the sudden decline underscores the volatility and external policy risks...

🌅Afternoon Wire·Sep 18

Rig Report

North Dakota Rig Count Drops to 32 as Hess Swaps Rigs, Continental Region Gains

North Dakota's active drilling rig count fell to 32 on Friday, September 18, 2026, down by one rig from the previous day, according to live rig data from Bakken Wire. The daily change resulted from two rigs being released and one new rig being deployed. Hess Bakken Investments II, LLC was at the center of the day's activity, according to the data. The operator released the NABORS X27 rig but simultaneously deployed a new rig, the NABORS X20, at the same location in Williams County (156-98-3). Phoenix Operating LLC released the PATTERSON 280 rig from a location in Divide County. The only rig move reported was by Iron Oil Operating, LLC, which moved the NABORS B 12 rig to a new location in Mountrail County (154-89-34). The current count of 32 rigs represents a slight decline in the state's drilling activity over recent weeks. One week ago, on September 11,...

🌅Afternoon Wire·Sep 18

Pipeline & Infrastructure

Standing Rock Leaders Mark DAPL Protest Anniversary, Emphasize Renewable Shift

Leaders of the Standing Rock Sioux Tribe reflected on the decade-long legacy of the Dakota Access Pipeline (DAPL) protests this week, stating the movement awakened global awareness while underscoring a continued tribal push for renewable energy sovereignty. The reflections occurred at the first "People of the Sun" event hosted by the nonprofit Indigenized Energy at the Prairie Knights Casino on the Standing Rock Reservation on Thursday, September 17, 2026. Nola Taken Alive, a Standing Rock Sioux Tribal Council representative-at-large, acknowledged the pipeline's continued operation but pointed to a broader impact. “The oil is still flowing. The pipeline hasn’t been shut down, but there’s something really powerful that has happened, even more powerful than that, is of course the world has been awoken,” Taken Alive told the audience, according to the North Dakota Monitor. The event commemorated the protests that drew thousands to southern North Dakota in 2016 and 2017. Opponents,...

🌅Afternoon Wire·Sep 18

Global Markets

Global Shipping Chaos, New Sanctions Law Reshape Bakken Export Outlook

Global shipping disruptions stemming from the Middle East crisis are driving record transit costs at key canals, adding complexity and expense to Bakken crude exports. Meanwhile, new U.S. legislation could impose tariffs on nations buying Russian oil and gas, a move with implications for global energy competition. According to OilPrice.com, traffic and fees at the Panama and Suez Canals have jumped this year due to rerouted trade from disruptions at the Strait of Hormuz and Bab el-Mandeb. This has hiked crude and petroleum products crossings at the Panama Canal as Asia seeks U.S. supply not trapped in the Middle East. The cost to secure a passage has exploded, with some vessel operators paying $4-5 million in an auction for a single Panama Canal slot. South Korea’s SK Gas reportedly paid $5.3 million for a September 1 passage. The Panama Canal Authority has also capped daily transits due to drought, reducing...

🌅Afternoon Wire·Sep 18