Wednesday, September 23, 2026

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Oil Prices

Oil Prices Edge Higher, Bakken Differential Widens

Oil prices were mixed in early trading Wednesday, with global benchmark Brent crude showing stronger gains than U.S. benchmark West Texas Intermediate. The movement widened the discount for Bakken crude, a key metric for North Dakota producers. West Texas Intermediate (WTI) crude for November delivery was trading at $90.55 per barrel, up just 3 cents or 0.03%. The international benchmark, Brent crude, was at $96.14 per barrel, a gain of 73 cents or 0.77%. According to the live price data, the differential for Bakken crude versus WTI widened to -$3.42. Natural gas prices also saw gains, trading at $3.19 per MMBtu, an increase of 7 cents. The stronger performance for Brent crude suggests global supply concerns are outpacing U.S.-specific factors. Brent is more sensitive to international disruptions and OPEC+ policy. The sustained price above $90 per barrel for WTI continues to provide a supportive environment for drilling and completion activity...

☀️Morning Wire·Sep 23

Rig Report

North Dakota Rig Count Holds at 32 for Fourth Consecutive Day

North Dakota's active drilling rig count remained unchanged at 32 on Wednesday, September 23, according to live data from Bakken Wire. No new rigs were added, none were removed, and no rigs moved locations compared to the previous day's tally. This marks the fourth consecutive day the count has held at 32 rigs, indicating a plateau in drilling activity in the Williston Basin. The current level represents a slight decline from recent historical benchmarks. Compared to one week ago, on September 16, the active rig fleet is down by one rig. The broader trend shows a gradual easing from levels seen earlier in the summer. The current count of 32 rigs is down by two from the 34 rigs active one month ago on August 24. The stability in the rig count suggests operators are maintaining a disciplined capital expenditure approach, focusing on core development areas and maximizing efficiency from...

☀️Morning Wire·Sep 23

Daily Activity

Phoenix Operating Permits Four-Well Pad in Divide County

The North Dakota Department of Mineral Resources approved four new drilling permits on Tuesday, all for a single operator in the northwestern reaches of the state. Phoenix Operating LLC received permits for a four-well pad in Divide County, according to the daily activity report. The permits, numbered 43325 through 43328, are for the MAVERICK 31-6-7-18 1H through 4H wells. All four locations are at NW NE 31-162N-102W within the Daneville field. This batch of permits represents the sole new approval for Tuesday, September 22, 2026, signaling focused activity by Phoenix Operating in that area. In other activity, the DMR reported status changes for several previously confidential wells. Three EOG Resources, Inc. wells in Mountrail County were released from confidential status. The wells are BURKE 415-3411H, BURKE 418-3421H, and BURKE 413-3421H. All are located at SE NE 34-155N-90W. The release from confidential status typically follows the initial production reporting phase, allowing...

☀️Morning Wire·Sep 23

Global Markets

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

Global upstream mergers and acquisitions activity is on track to exceed the total value recorded in 2025, according to analysis from Rystad Energy. Last year's deal value totaled $175 billion, Rigzone reported. This accelerating consolidation trend reflects a strategic pivot by larger companies to secure prime inventory and scale operations efficiently. Concurrently, long-term demand for U.S. energy exports received a boost with a new liquefied natural gas (LNG) agreement. Venture Global has secured a deal to supply an additional 0.5 million metric tons per annum of U.S. LNG to China Gas for 20 years, starting in 2030, Rigzone reported. This increases China Gas's total offtake from Venture Global to 2.5 MMtpa. For Bakken operators, these parallel developments underscore a market favoring scale and access to global demand centers. The surge in M&A activity suggests that assets in prolific, low-cost basins like the Bakken remain attractive targets for acquisition. This could...

☀️Morning Wire·Sep 23

Pipeline & Infrastructure

Saudi Pipeline Restart Pressures Global Oil Prices

Oil prices slipped on Tuesday as Saudi Arabia moved to restart a major oil pipeline, according to reports from Rigzone. The development introduces another bearish factor for global crude markets, which directly influences the price Bakken producers receive for their oil. Rigzone reported that Saudi Arabia is in the early stages of starting up a key oil pipeline, citing people familiar with the matter. A separate Rigzone report confirmed the pipeline restart was underway, noting that traders were also weighing US-Iran diplomacy. While specific price movements were not detailed in the provided sources, the restart of significant export capacity from the world's largest crude exporter typically adds downward pressure to global benchmarks like Brent and WTI. For operators in North Dakota's Bakken formation, the price of crude is the primary determinant of profitability and drilling activity. Bakken crude is priced at a differential to the US benchmark, West Texas Intermediate...

☀️Morning Wire·Sep 23

🔆Midday Wire11:00 AM CST

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Oil Prices

Oil Prices Surge Over 2% as Geopolitical Tensions Intensify

Oil prices climbed sharply in midday trading Wednesday, with West Texas Intermediate (WTI) crude rising above $92 per barrel amid escalating geopolitical tensions. WTI was trading at $92.55, a gain of $2.03 or 2.24%, according to live price data. The global benchmark Brent crude surged to $98.04, up $2.63 or 2.76%. The primary catalyst for the rally is the ongoing U.S.-Iran conflict, which analysts say is fundamentally altering market fundamentals. According to a report from Rigzone, the conflict has "changed the definition of an available barrel," according to Ole Hvalbye, Partner at ABG Sundal Collier. This suggests that perceived supply risks are removing significant volumes of oil from the market's available balance, tightening conditions and supporting higher prices. For producers in North Dakota's Bakken formation, the price surge translates directly to stronger wellhead economics. The Bakken crude differential, the discount at which local crude trades against WTI, was recorded at...

🔆Midday Wire·Sep 23

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. Sustained drilling activity and robust crude prices are supporting output across the state, the Department of Mineral Resources said. “Given activity levels and pricing, I suspect August will be a stronger month versus July,” Justin Kringstad, executive director of the North Dakota Pipeline Authority, told reporters during a monthly press briefing. 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 bpd in July, according to the latest available production data. The state’s active rig count stood at 34 in September, unchanged from August. North Dakota also recorded nine active hydraulic fracturing crews and a record 20,072 producing wells in July. Gunther Harms, a treating plant manager at the Department of Mineral Resources, said rig...

🔆Midday Wire·Sep 23

Global Markets

EIA Raises U.S. Oil Production Forecasts for 2026 and 2027

The U.S. Energy Information Administration has raised its forecasts for American crude oil production for the next two years, according to its latest Short-Term Energy Outlook published Wednesday. The agency increased its projections for both 2026 and 2027, Rigzone reported. For operators in North Dakota's Bakken formation, a key contributor to national output, the upward revision signals continued federal confidence in the sector's near-term trajectory. The EIA's forecasts are closely watched as a benchmark for industry planning and investment. Sustained or growing national production typically reflects stable commodity prices and operational efficiency gains, factors that directly influence drilling budgets and well completion schedules in the Williston Basin. The Bakken remains one of the nation's top oil-producing regions. The updated outlook suggests a macroeconomic environment conducive to maintaining current activity levels. While the headline does not specify Bakken-specific figures, the region's output is a material component of the national total that...

🔆Midday Wire·Sep 23

🌅Afternoon Wire4:00 PM CST

Oil Prices

WTI, Brent Surge Over 2% as Bakken Differential Holds Steady

Front-month WTI crude oil futures surged 2.46% on Wednesday, September 23, to settle at $92.75 per barrel, a gain of $2.23. The global benchmark Brent crude saw an even stronger rally, climbing 3.15% or $3.01 to $98.42 per barrel. Natural gas prices also edged higher, adding $0.05 to reach $3.17 per MMBtu. The price of Bakken Sweet crude at the Clearbrook, Minnesota hub was assessed at a differential of $-3.42 per barrel versus WTI, according to live data. This means Bakken crude is effectively priced at approximately $89.33 per barrel, closely tracking the strong upward move in the primary benchmarks. The significant price gains are attributed to a combination of fundamental and financial market factors. A substantial drawdown in U.S. crude inventories reported this week has tightened near-term supply outlooks. Concurrently, ongoing geopolitical tensions in key producing regions continue to underpin a risk premium. Furthermore, a weakening U.S. dollar on...

🌅Afternoon Wire·Sep 23

Rig Report

Bakken Rig Count Holds at 31, Down 3 from August

The number of active drilling rigs in North Dakota's Bakken formation held steady at 31 on Wednesday, according to live rig data from Bakken Wire. The count was unchanged from the previous day, though one rig was taken out of service. Hunt Oil Company removed the T&S Drilling 1 rig from its location in Burke County (160-90-31). There were no new rigs added or rigs that moved locations on Wednesday. The current activity level represents a continued slow retreat from higher counts earlier in the summer. The rig count is down by two from one week ago, when 33 rigs were active on September 16. Compared to one month ago on August 24, when 34 rigs were working, the fleet has contracted by three rigs. A rig count in the low 30s reflects a period of disciplined capital spending by operators in the Williston Basin. While oil prices remain a...

🌅Afternoon Wire·Sep 23

Pipeline & Infrastructure

DAPL Protest Legacy Examined on 10th Anniversary, Impact on Bakken Persists

A decade after the epic Standing Rock resistance to the Dakota Access Pipeline (DAPL), the legacy of the protests continues to shape discourse around North Dakota's oil industry and its governance, according to a commentary published today. The source, an opinion column by LaDuke republished by Bing News, states that the 2016-2017 movement was transformative for participants, who "came for the water, our dignity, and our healing." The column asserts that the protest revealed "the brutality of Tiger Swan, the $38 million in repression and violence against unarmed people," and an understanding of "fossil fuel addiction — and how far North Dakota was willing to go for oil." For Bakken operators and the state's oil-dependent economy, the commentary highlights a persistent adversarial relationship with some communities. It claims North Dakota’s judicial institutions have "relentlessly pursued Water Protectors, with the vigor of the cavalry of a century before and endangered more...

🌅Afternoon Wire·Sep 23

Regulatory

European Commission Proposes Energy Efficiency Rating for Data Centers

The European Commission has proposed an energy efficiency rating system for data centers, according to a report from Rigzone. Concurrently, the Commission launched a public consultation on minimum energy efficiency standards for such facilities. The proposed ratings and potential standards are part of broader European Union efforts to reduce energy consumption and carbon emissions. While the direct regulatory action is in Europe, it carries indirect implications for energy-producing regions like the Bakken. Data centers are significant consumers of electricity, and their power demand has been a growing market for natural gas-fired generation globally. Increased efficiency mandates in a major economic bloc like the EU could temper future growth in electricity demand. This, in turn, could influence long-term global projections for natural gas, a key commodity for Bakken producers. North Dakota's Bakken formation is a major producer of both oil and associated natural gas. The state has worked to reduce flaring...

🌅Afternoon Wire·Sep 23