Saturday, September 19, 2026

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Oil Prices

Oil Prices Fall Amid Strong Dollar, WTI Drops Below $96; Bakken Differential Widens

Oil prices retreated in early trading Saturday, with the U.S. benchmark pressured by a strengthening dollar. West Texas Intermediate crude fell 1.18% to trade at $96.08 per barrel, down $1.15 from the prior settlement. The global benchmark Brent crude was also lower, down $0.64 to $99.29 per barrel, according to live price data. The movement comes as the U.S. dollar index has climbed to multi-month highs, making dollar-priced crude more expensive for holders of other currencies and typically dampening demand. This financial market pressure is outweighing otherwise supportive fundamentals for the physical market, including ongoing OPEC+ production restraint and firm seasonal demand. For Bakken producers, the local price realized is directly tied to the WTI benchmark minus a regional differential. That differential widened slightly, with Bakken crude priced at a discount of $3.42 per barrel below WTI. This means Bakken wellhead pricing is effectively around $92.66 per barrel based on...

☀️Morning Wire·Sep 19

Rig Report

Bakken Rig Count Holds at 32 for Saturday Session

The number of active drilling rigs in North Dakota's oil fields remained steady at 32 for the Saturday session, according to live rig data from Bakken Wire. No rigs were added, removed, or moved locations since the previous daily count. The current activity level represents a slight contraction in the state's drilling footprint over recent weeks. The rig count is down by two from the 34 rigs reported one week ago on September 12, 2026. Compared to data from one month ago on August 20, 2026, the count is also down by two rigs from the 34 active at that time. A stable rig count is a key indicator of near-term drilling investment and future production potential in the Bakken formation, North Dakota's primary oil-producing region. The current level of 32 active units suggests a period of consolidation among operators following a modest pullback from the 34-rig plateau maintained through...

☀️Morning Wire·Sep 19

Daily Activity

Continental, Hess Lead Bakken Permitting with Eight New Well Approvals

The North Dakota Department of Mineral Resources approved eight new drilling permits in its latest daily activity report, with Continental Resources Inc. accounting for more than half of the new approvals. Six existing permits also saw renewals. Continental Resources was issued five new permits, all for confidential wells in Williams County. The permits are for the Billings 2-16HSL, Stockton 2-21H, Billings 3-16H, Stockton 3-21H, and Billings 4-16H locations, according to the DMR report. Hess Bakken Investments II, LLC secured one new permit for the GO-SKJEI MW TR-158-98-3526H-4 well in the Rainbow field of Williams County. Burlington Resources Oil & Gas Company LP received a permit for the HBU Sandstone 10S MBH well in a confidential field in McKenzie County. Koda Resources Operating, LLC was approved for the ALE 2335-3BHN well in Divide County. The report listed six permit renewals. Hess Bakken Investments II renewed three permits for the SC-Ellingsberg-154-98-3229H-5, -6,...

☀️Morning Wire·Sep 19

Operator News

Global Energy Shifts Present Strategic Context for Bakken Operators

Transnet National Ports Authority is seeking an operator to build a small to medium liquefied natural gas receiving terminal at the Port of East London in South Africa, according to Rigzone. The authority opened applications for the project on September 18, 2026. Separately, ExxonMobil issued a warning that coal use is accelerating global warming, Rigzone reported the same day. The oil explorer stated its forecasts are based on scientific and economic data accounting for realistic policy and consumer behavior changes. For Bakken operators, these developments underscore the complex global energy transition shaping markets for North Dakota's resources. The Bakken formation is a major producer of both crude oil and associated natural gas. The search for an LNG terminal operator in South Africa signals continued international demand growth for natural gas as a potential transition fuel. Increased global LNG infrastructure could support long-term demand for Bakken natural gas, though direct export...

☀️Morning Wire·Sep 19

Global Markets

Global Shipping Chaos, Fuel Shortages Intensify Bakken's Market Role

Global energy trade is facing severe disruption, increasing demand and logistical costs for U.S. exports from regions like the Bakken, according to reports. The crisis stems from ongoing Middle East tensions and is now impacting key global shipping chokepoints. The Strait of Hormuz disruptions have rerouted energy traffic, causing shipping costs to soar to record highs. Some vessel operators are paying $4-5 million in an auction to secure a single passage through the Panama Canal, according to OilPrice.com. The median auction price before the conflict in Iran broke out in February was around $55,000. For vessels without booked slots, the waiting time to transit the Panama Canal is now 17 days, compared to just two days in February. This chaos is being felt directly at America's trade gateways. Traffic and fees at the Panama and Suez Canals have jumped this year due to higher demand for vessel slots. The Panama...

☀️Morning Wire·Sep 19

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Fall Midday as Bakken Differential Holds Steady

Front-month WTI crude oil futures traded at $96.08 per barrel at midday Saturday, September 19, down $1.15 or 1.18% from the previous close. The global benchmark, Brent crude, was at $99.29, down $0.64 for a 0.64% loss, according to live price data. Natural gas posted a slight gain, up one cent to $2.91 per MMBtu. The price for Bakken crude oil, priced at the Clearbrook, Minnesota hub, held a differential of $3.42 per barrel below the WTI price. This steady differential indicates regional pipeline and rail takeaway capacity is sufficient for current production levels. The midday price decline comes amid broader market pressures. While no specific economic data was released Saturday, markets often exhibit volatility during weekend trading sessions with lighter volume. The sustained high level of Brent crude, maintaining a premium of over $3 to WTI, continues to support the economics of U.S. crude exports. In related shipping news,...

🔆Midday Wire·Sep 19

Pipeline & Infrastructure

Standing Rock Leaders Reflect on Dakota Access Legacy at Renewable Energy Event

Standing Rock Sioux tribal leaders marked the 10-year anniversary of the Dakota Access Pipeline protests this week, reflecting on the demonstrations' lasting legacy for Indigenous activism while emphasizing a current push for renewable energy sovereignty. The reflections occurred Thursday, Sept. 17, at the first People of the Sun event hosted by the nonprofit Indigenized Energy at the Prairie Knights Casino on the Standing Rock Reservation, according to a North Dakota Monitor report. “The oil is still flowing. The pipeline hasn’t been shut down, but there’s something really powerful that has happened,” Nola Taken Alive, Standing Rock Sioux Tribal Council representative-at-large, told the audience. The event highlighted the ongoing tension between the operational pipeline—a key conduit for Bakken crude—and the tribe's enduring opposition and advocacy. Thousands of protesters gathered in southern North Dakota in 2016 and 2017 to oppose the multistate pipeline, which the Standing Rock Sioux Tribe argued threatened its...

🔆Midday Wire·Sep 19

Regulatory

UN Warns of Overshooting 1.5°C Climate Goal, Calls for Fossil Fuel Phaseout

The United Nations has, for the first time, acknowledged that the world will overshoot its target of limiting global warming to 1.5°C above pre-industrial levels, marking the failure of the 2015 Paris Agreement pledges, according to a report from the UN Environment Programme (UNEP). The world is now expected to warm to 1.5°C within the next few years, the report states. This formal recognition of a breached climate threshold signals intensified global pressure for rapid decarbonization, directly impacting the regulatory and operating environment for fossil fuel producers in the Bakken. According to the report, released on September 19, 2026, even if all current climate commitments are met, the world is expected to warm by at least 1.8°C. The UN Secretary-General, António Guterres, used the report's launch to emphasise the need to "accelerate the phaseout of fossil fuels and the renewables revolution" and to "slash methane pollution." For North Dakota, the...

🔆Midday Wire·Sep 19

Global Markets

Oil Declines, LNG Deal, Russia Tariff Bill Shape Bakken Outlook

Oil prices fell for a third consecutive session on Friday as fears over supply disruptions from Saudi Arabia eased, according to Rigzone. The market movement, driven by shifting global risk assessments, directly impacts the price environment for Bakken crude producers. Separately, Sempra Infrastructure signed a major 20-year agreement to supply liquefied natural gas to Brazil's Petrobras from its Port Arthur LNG Phase 2 project in Texas, Rigzone reported. While this specific deal involves Gulf Coast LNG, it underscores the growing global demand for U.S. energy exports. Strong international demand for American oil and gas helps support the overall market for domestic production, including associated natural gas from the Bakken. In a move with potential geopolitical ramifications for global oil flows, the U.S. House of Congress gave final approval to a bill granting new powers to impose tariffs on countries that buy Russian petroleum products, Rigzone reported. This legislation aims to...

🔆Midday Wire·Sep 19

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Drop Friday as WTI Falls Below $96, Bakken Differential Widens

Front-month WTI crude oil futures closed Friday's trading session at $96.08 per barrel, a decline of $1.15 or 1.18%, according to live price data. The global Brent benchmark also fell, settling at $99.29 per barrel, down $0.64. The drop marks a retreat from recent multi-month highs. The price pressure reflects a broader sell-off in energy commodities and equities, driven by renewed macroeconomic concerns. Traders are weighing the potential for slowing demand against ongoing geopolitical tensions and OPEC+ supply management. The lower settlement prices come ahead of the weekend, a period often marked by position squaring. For Bakken operators, the immediate price received is the WTI price minus the regional differential. On Friday, the Bakken differential was reported at -$3.42 versus the WTI benchmark. This means Bakken crude at the wellhead is effectively priced around $92.66 per barrel. A wider discount can pressure netbacks for North Dakota producers, impacting cash flow...

🌅Afternoon Wire·Sep 19

Rig Report

North Dakota Rig Count Holds at 32, Down from Recent Highs

The number of active drilling rigs in North Dakota remained flat at 32, according to live rig data reported on Saturday, September 19, 2026. There were no new rigs added, none removed, and no rigs that moved location since the prior day's report. The current count represents a decline from recent activity levels. According to historical context provided, the rig count stood at 34 active rigs one week ago on September 12, 2026, meaning the state has shed two rigs over the past seven days. Compared to one month ago on August 20, 2026, when the count was also 34, the current total is down by two rigs. The Bakken formation, North Dakota's primary oil-producing region, relies on consistent drilling activity to offset the steep decline rates of shale wells and maintain production levels. A rig count in the low 30s is indicative of a stable but cautious operational environment...

🌅Afternoon Wire·Sep 19