Tuesday, September 22, 2026

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Oil Prices

Crude Prices Slide on Saudi Supply Ease, Bakken Differential Widens

Oil prices retreated early Tuesday, extending losses from the previous sessions, as heightened Saudi shipments through the Strait of Hormuz eased immediate supply fears. According to live data, West Texas Intermediate (WTI) crude traded at $89.96 per barrel, down $2.41 or 2.61% on the day. Brent crude was at $98.17, down $2.17. The price drop follows a volatile period last week when Brent briefly touched $108 per barrel after a key Saudi pipeline closure. However, Rigzone reported that oil fell as Saudi exports through Hormuz increased and hopes grew for diplomatic progress in the ongoing U.S.-Iran conflict. This sentiment weighed on prices at the end of last week and into this week. Despite the pullback, analysts warn the market remains on edge. "Supply-side risks remain elevated," ING commodities strategists Warren Patterson and Ewa Manthey said in a note Tuesday, according to OilPrice.com. They pointed to a new disruption in Libya,...

☀️Morning Wire·Sep 22

Rig Report

North Dakota Rig Count Holds at 33 Amidst Regional Decline

The number of active drilling rigs in North Dakota's Bakken formation held steady at 33 for the second consecutive week, according to live data from Bakken Wire. There were no new rigs added, none removed, and none that moved location since the prior day's report. This plateau follows a slight contraction over the past month. The current count is down by one rig compared to the 34 rigs active in the state on August 23, 2026. The local steadiness contrasts with a broader pullback in drilling activity across North America. According to a report from Rigzone citing the latest Baker Hughes North America rotary rig count, the continent lost six rigs week on week as of September 21. A rig count in the low-30s has become a stable operating range for Bakken producers, reflecting a disciplined focus on capital efficiency and shareholder returns rather than aggressive volume growth. This activity...

☀️Morning Wire·Sep 22

Daily Activity

DMR Approves Five New Permits, Koda Resources Dominates Divide County Activity

The North Dakota Department of Mineral Resources approved five new drilling permits in filings dated Monday, September 21, 2026, according to the agency's Daily Activity Report. Four of the permits were filed by Koda Resources Operating LLC, all targeting locations in Divide County. Koda Resources was the most active operator in the latest report. The company received approval for two horizontal wells in the East Goose Lake field: the ALE 2436-2BHN and the ALE 2436-3BHN. It also secured permits for two more horizontal wells in the Daneville field: the ALE 2436-5BH and the ALE1326-6BH, as reported by the DMR. The only other permit approved was for SOGC LLC, designated as confidential. This permit, 43319, is for the MARTENS 4-5-6- 1LNH well in Mountrail County within the 'CONFIDENTIAL' field, according to the DMR filings. Confidential status is typically granted for 180 days to protect an operator's proprietary drilling plans. In a...

☀️Morning Wire·Sep 22

Global Markets

Geopolitical Moves in US-China, Eastern Europe May Affect Bakken Outlook

President Xi Jinping of China will travel to the U.S. for a meeting with President Donald Trump, according to a report from Rigzone. This would be President Xi's first trip to the United States in nearly three years, as confirmed by China on Monday, September 21. Separately, Ukraine's state energy firm Naftogaz has secured new supply deals with Poland. Rigzone reported that Poland's ORLEN agreed to continue supplying liquefied natural gas to Ukraine and committed to supplying oil products. These agreements signal ongoing efforts to secure Eastern Europe's energy supply routes. For Bakken operators, these developments represent significant geopolitical variables that can influence global commodity prices and trade flows. The high-level meeting between the U.S. and Chinese presidents could impact broader economic relations, including energy trade. China is a major global consumer of crude oil and LNG, and any shift in the US-China trade relationship can affect demand signals and...

☀️Morning Wire·Sep 22

Regulatory

North Dakota Oil Production Rises Amid Prolonged U.S.-Iran Conflict

Oil production in North Dakota continues on an upward track as the U.S. war with Iran nears the seven-month mark, according to a report from Bing News. The ongoing conflict has pushed crude oil prices higher, according to the same source. For operators in the Bakken formation, North Dakota's primary oil-producing region, the sustained higher price environment improves the economics of drilling and completing new wells. The increased revenue per barrel can support more active drilling programs and enhance cash flow for producers across the Williston Basin. The report also indicates that rising production is translating into increased tax revenue for the state of North Dakota. This revenue funds state budgets, local infrastructure, and legacy fund investments, which are critical for communities in the oil-producing regions. The geopolitical tension, now in its seventh month according to the report, remains a key driver for global oil markets. While the headlines confirm...

☀️Morning Wire·Sep 22

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

WTI Falls, Brent Holds Above $100 Amid Mixed Market Signals

West Texas Intermediate crude traded lower midday Tuesday, while international benchmark Brent held above the $100 per barrel mark. According to live price data, WTI was at $92.01, down 36 cents or 0.39% from the previous settlement. Brent crude, however, edged higher to $100.54, a gain of 20 cents. The mixed price action reflects a market balancing geopolitical risk premiums against concerns over economic demand. The premium for Brent, which typically trades at a spread to WTI, widened to approximately $8.53 per barrel midday. The price for Bakken crude, priced at a differential to WTI, saw its discount narrow. The Bakken differential was reported at $-3.42 per barrel versus WTI. This narrower discount improves the netback price for Bakken producers relative to the U.S. benchmark, providing a marginal boost to wellhead economics in North Dakota. Natural gas prices showed strength, rising 9 cents to $3.08 per million British thermal units....

🔆Midday Wire·Sep 22

Pipeline & Infrastructure

Saudi Arabia Restarts Key Pipeline, Easing Global Oil Flow Constraints

Saudi Arabia has restarted its vital East-West oil pipeline, a move that introduces fresh crude supply into global markets and puts downward pressure on international oil prices, according to reports from OilPrice.com and Rigzone. For Bakken producers, the development is a key factor in the global supply chain that influences the price they receive for their crude. The pipeline is running at a low rate initially, with state oil giant Aramco working to return flows to its full capacity of roughly 4 million barrels per day, a process sources say could still take weeks. The 4-million-barrel-per-day route had been the kingdom's main alternative to shipping through the Strait of Hormuz before drone attacks forced its shutdown earlier this month, OilPrice.com reported. The news triggered an immediate, though temporary, reaction in global oil markets. On Tuesday, the international Brent benchmark saw a dip of more than $2 per barrel to a...

🔆Midday Wire·Sep 22

Global Markets

Global M&A Surge, LNG Deal Signal Shifting Energy Landscape

Global upstream merger and acquisition activity is on track to surpass the $175 billion total recorded in 2025, according to Rystad Energy. The analysis, reported by Rigzone, indicates a significant acceleration in industry consolidation. Separately, a major new long-term liquefied natural gas (LNG) supply deal was finalized. Venture Global secured a 20-year agreement to supply an additional 0.5 million metric tons per annum of U.S. LNG to China Gas starting in 2030, Rigzone reported. This follows a previous agreement, raising China Gas's total offtake from Venture Global to 2.5 MMtpa. For Bakken operators, these parallel developments highlight the evolving global energy map. The surge in M&A activity reflects a industry-wide drive for scale, efficiency, and premium inventory. While most major Bakken-focused consolidation occurred in prior years, a sustained high level of global deals can influence asset valuations and competitive dynamics across all basins, including North Dakota. The expanding LNG agreement...

🔆Midday Wire·Sep 22

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Slide on Economic Worries, Bakken Discount Widens

Front-month WTI crude oil prices fell sharply on Tuesday, September 22, 2026, dropping $2.48 to settle at $89.89 per barrel, a decline of 2.68%. The global benchmark Brent crude also declined, finishing down $1.73 at $98.61 per barrel. The sell-off was primarily driven by renewed concerns over global economic growth and its potential impact on future fuel demand. Market sentiment turned negative amid fears of slowing industrial activity and consumer spending in major economies. In contrast to the crude complex, U.S. natural gas prices posted a solid gain. The front-month contract rose $0.17 to settle at $3.16 per million British thermal units. The discount for Bakken crude at the wellhead, known as the Bakken differential, widened significantly against the WTI benchmark. The differential was reported at -$3.42 per barrel versus WTI. This means Bakken producers are receiving approximately $86.47 per barrel for their crude, factoring in the local price adjustment....

🌅Afternoon Wire·Sep 22

Rig Report

North Dakota Rig Count Holds at 32 with One New Rig, One Removed

North Dakota's active drilling rig count remained at 32 on Tuesday, September 22, 2026, according to live data from Bakken Wire. The figure reflects a net change of zero after one new rig started operations and one was released. The sole new rig reported was the NABORS B23, operated by FORMENTERA OPERATIONS, LLC in Divide County. The rig is located at 161-97-16. The only rig removed from the count was HESS BAKKEN INVESTMENTS II, LLC's NABORS x24, which was previously operating at a McKenzie County location (149-100-33). No rigs were reported as having moved location. The current count of 32 active rigs represents a slight decline from recent levels. Compared to one week ago, on September 15, 2026, the rig count is down by one. The total is also down by two rigs from the count of 34 active on August 23, 2026, one month prior. The Bakken formation is...

🌅Afternoon Wire·Sep 22

Pipeline & Infrastructure

Oil Prices Dip as Saudi Arabia Restarts Key Pipeline

Oil prices moved lower on Tuesday after Saudi Arabia moved to restart a major domestic pipeline, according to a report from Rigzone. The news, coupled with ongoing diplomatic developments between the U.S. and Iran, contributed to downward pressure on global crude benchmarks. For Bakken operators, lower benchmark prices directly translate to reduced wellhead revenue. The Bakken formation's light sweet crude is typically priced at a differential to West Texas Intermediate (WTI), which is influenced by these international supply and demand factors. Any sustained increase in global supply can widen the discount for Bakken crude, squeezing producer margins. The specific development involved Saudi Arabia's East-West pipeline, a critical piece of infrastructure that carries crude from the kingdom's eastern fields to the Red Sea. Its return to service adds reliable export capacity from a major producer, easing some global supply concerns that have supported prices. Traders are also weighing the potential for...

🌅Afternoon Wire·Sep 22

Regulatory

North Dakota Oil Output Expected to Rise in August on Sustained Activity

North Dakota crude oil production is expected to have climbed in August and maintain momentum in the following months, according to state regulators. The forecast is based on sustained drilling activity and robust crude prices supporting output across the state, the Department of Mineral Resources said. Output in the United States’ third-largest oil-producing state rose marginally by 1,846 barrels per day to reach an average of 1.157 million barrels per day in July, according to the latest available production data released by the regulator. This exceeded the state’s forecast of 1.1 million bpd for the month. “Given activity levels and pricing, I suspect August will be a stronger month versus July,” Justin Kringstad, executive director of North Dakota’s Pipeline Authority, told reporters during a monthly press briefing. The state’s active rig count stood at 34 in September, unchanged from August, according to Department of Mineral Resources data. Gunther Harms, a...

🌅Afternoon Wire·Sep 22