Thursday, September 24, 2026

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☀️Morning Wire7:00 AM CST

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Oil Prices

Oil Prices Surge Over 1.5% on OPEC+ Supply Signals

Oil prices posted strong gains in early trading Thursday, with Brent crude topping $105 per barrel and West Texas Intermediate (WTI) closing in on $94. The rally was primarily driven by signals from OPEC+ member nations suggesting a willingness to take further action to support the market. According to Reuters, sources within the OPEC+ alliance indicated the group could consider additional production cuts if oil prices continue to slide. This statement provided a firm floor under prices, triggering the day's rally. The North Sea Forties pipeline system, a key conduit for Brent crude, also reported a significant maintenance-related reduction in loadings, tightening immediate supply for the benchmark. At market close, WTI crude settled at $93.69 per barrel, a gain of $1.53 or 1.66%. The international benchmark, Brent crude, rose to $105.05, adding $1.97 for a 1.91% increase. Natural gas prices saw a modest rise, adding $0.02 to reach $3.17 per...

☀️Morning Wire·Sep 24

Rig Report

North Dakota Rig Count Holds at 31 for Second Straight Day

North Dakota's active drilling rig count remained unchanged on Thursday, holding at 31 for a second consecutive day. According to Bakken Wire's live rig data, there were no new rigs added, no rigs released, and no rigs that moved location since the previous report. The current activity level represents a decline from recent weeks. The state's active rig count is down two from the 33 rigs active one week ago on September 17. The longer-term trend shows a more pronounced slowdown, with five fewer rigs working compared to the 36 reported one month ago on August 25. Amid this backdrop of moderated drilling activity, one Bakken producer is reporting significant growth through operational efficiency. According to a report from Bing News, Phoenix Energy announced in July 2026 that it had surpassed a production rate of 50,000 barrels of oil per day, a dramatic increase from roughly 100 barrels per day...

☀️Morning Wire·Sep 24

Daily Activity

Continental Resources Secures Four New Permits in Divide County

Continental Resources was the most active driller in the latest North Dakota Department of Mineral Resources (DMR) filing, securing approval for four new permits in Divide County. According to the DMR Daily Activity Report for filings on September 23, all four permits are for confidential wells in the Nielsen drilling unit. The approved permits are for the Nielsen 2-24HSL, Nielsen 3-24H, Nielsen 4-24H, and Nielsen 5-24H. These new permits highlight continued operator interest in the Bakken formation's northwestern core area, particularly in Divide County, which has historically been a prolific oil-producing region. In other activity, Hunt Oil Company had a significant number of well filings move out of confidential status. According to the report, eight Hunt Oil wells across two units in Burke County were released from confidential designation. These include the Dimond 160-91-36-24H-1, 2, and 3, and the Vanville 159-91-1-13H-1 and 2. Also released were the Vanville 159-91-2-14H-1, 2,...

☀️Morning Wire·Sep 24

Operator News

Amplitude Energy Worker Dies in Shark Attack Offshore

Amplitude Energy announced that one of its workers had passed away following a shark attack, according to a report from Rigzone. The energy industry publication reported the news on Thursday, September 24, 2026. The fatal incident underscores the wide-ranging and sometimes unexpected safety hazards faced by oil and gas workers, even for companies with primary operations in onshore basins like the Bakken. While the Bakken formation in North Dakota is a landlocked shale play, many major operators active there also conduct offshore or international operations. For Bakken-focused companies and their workforce, the tragedy serves as a sobering reminder of the paramount importance of safety protocols across all company operations, regardless of location. The incident is likely to prompt internal safety reviews among operators with diverse asset portfolios. The death of a worker is a significant event for any energy company, potentially impacting operations, workforce morale, and corporate reputation. Amplitude Energy...

☀️Morning Wire·Sep 24

Global Markets

Weakening China Demand, Rising US Output Pose Headwinds for Bakken

Global and domestic energy forecasts are shifting in ways that could pressure oil prices and squeeze margins for Bakken operators. Analysts at BMI reported that China's oil and gas demand outlook has weakened materially in 2026, according to Rigzone. Meanwhile, the U.S. Energy Information Administration has raised its U.S. crude oil production forecasts for both 2026 and 2027. China is a major consumer of global crude, and a significant drop in its import demand can lead to lower international benchmark prices. For Bakken crude, which is priced against these global benchmarks, a sustained decline in Chinese demand is a bearish signal that could suppress wellhead revenues. Compounding this potential price pressure is the expectation for more supply from within the United States. The EIA's upward revision to its domestic production forecasts, also reported by Rigzone, indicates that U.S. shale basins, including the Bakken, are expected to contribute to higher overall...

☀️Morning Wire·Sep 24

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Surge Over 4% Amid Market Volatility

Oil prices rallied sharply in midday trading Thursday, with West Texas Intermediate crude surging $4.49 to settle at $96.65 per barrel, a gain of 4.87%. The global benchmark Brent crude rose $5.04 to $108.12 per barrel, according to live price data. The price jump comes despite a reported build in U.S. commercial crude inventories. Commercial crude oil stocks, not including the Strategic Petroleum Reserve, came in at 426.39 million barrels on September 18, Rigzone reported, citing the latest weekly petroleum status report from the U.S. Energy Information Administration. For Bakken operators, the price of crude at the wellhead is a key metric. Bakken crude traded at a discount of $3.42 per barrel below WTI on Thursday. This differential, which reflects the cost of transporting Bakken crude to major refining hubs, means local prices are tracking just below the surging benchmark. In the natural gas market, prices also saw an uptick,...

🔆Midday Wire·Sep 24

Pipeline & Infrastructure

LaDuke Column Marks 10th Anniversary of DAPL Protests, Notes Lasting Impact

A column marking the 10-year anniversary of the Dakota Access Pipeline (DAPL) protests asserts that North Dakota's "judicial institutions have relentlessly pursued Water Protectors" with historical vigor, according to an opinion piece by LaDuke published on September 23, 2026. The column, sourced from Bing News, states the protests 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." The piece frames the Standing Rock resistance as a transformative event that nurtured thousands of Water Protectors and communities with teachings of "hope and healing." It contrasts this with the state's ongoing legal actions, suggesting North Dakota is "a meth lab" in the laboratory of democracy, according to LaDuke. The legacy of the protests is described as fostering Indigenous-led initiatives within the state. The column cites David...

🔆Midday Wire·Sep 24

Global Markets

Russia Launches Arctic Crude Exports Amid Global Market Shifts

Russia has begun commercial crude exports from its massive Vostok Oil project in the Arctic, according to a report from OilPrice.com. The first shipments, loaded onto ice-class tankers in September, mark the long-delayed arrival of a new supply source onto global markets. Three tankers loaded approximately 250,000 metric tons of crude from the new Bukhta Sever terminal. Industry sources expect exports from the project to average about 150,000 barrels per day this year, a fraction of its ultimate potential. Rosneft, the state-owned developer, says development could lift exports to around 600,000 bpd in the second half of 2027 and 1 million bpd by 2030. This new supply enters a market where one of Russia's largest customers is pulling back. OilPrice.com reported that India cut Russian crude imports by 16.5% in August to about 2.1 million bpd, with preliminary data suggesting a further drop to 1.9 million bpd in September. Furthermore,...

🔆Midday Wire·Sep 24

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Over 2.8%, Bakken Differential Widens

Oil prices rallied sharply in Thursday trading, with both major benchmarks climbing over 2.8% on supply concerns and inventory data. The surge strengthens the near-term revenue outlook for operators across the Williston Basin. West Texas Intermediate (WTI) crude for November delivery settled at $94.77 per barrel, a gain of $2.61 (2.83%) for the session. The global benchmark, Brent crude, saw an even stronger increase, rising $3.97 (3.85%) to $107.05 per barrel. The rally was supported by a larger-than-expected drawdown in U.S. commercial crude inventories. According to the U.S. Energy Information Administration, stockpiles fell by 4.5 million barrels last week, significantly exceeding analyst forecasts and signaling robust demand or tightened supply. For Bakken producers, the price of crude at the wellhead is directly tied to the WTI benchmark, minus a regional discount known as the differential. On Thursday, the Bakken differential was reported at -$3.42 per barrel versus WTI. This means...

🌅Afternoon Wire·Sep 24

Rig Report

Bakken Rig Count Holds at 30; Phoenix Rig Released in Divide County

The number of active drilling rigs in North Dakota held at 30 on Thursday, September 24, despite the release of one rig from a well site in Divide County, according to live rig data tracked by Bakken Wire. Phoenix Operating LLC released the T&S DRILLING 2 rig from location 160-97-19. There were no new rigs added or rigs moved to new locations, resulting in a net decline of one active rig from the previous day's total. The current count of 30 rigs represents a decline in overall drilling activity over recent weeks. The rig count is down by three from the total of 33 active rigs reported one week ago on September 17. Compared to one month ago on August 25, when 36 rigs were active, the current fleet is down by six rigs. The steady reduction in the active rig fleet over the past month suggests a cautious approach...

🌅Afternoon Wire·Sep 24

Pipeline & Infrastructure

Decade After Standing Rock Protests, DAPL Legacy Shapes North Dakota Energy Landscape

A decade after the Standing Rock resistance to the Dakota Access Pipeline, the event continues to shape perspectives on energy development and indigenous rights in North Dakota, according to a recent commentary. The piece, published by Winona LaDuke on September 23, 2026, reflects on the 2016-2017 protests which she described as "epic" and transformative for participants. The commentary states that the protests highlighted the "brutality" of security contractor Tiger Swan and an estimated "$38 million in repression and violence against unarmed people." It frames the event as a lesson in "fossil fuel addiction — and how far North Dakota was willing to go for oil." For Bakken operators and the state's energy sector, the pipeline protests marked a pivotal moment of national scrutiny on infrastructure projects crossing tribal lands and critical water sources. The legacy of the protests includes ongoing legal and political repercussions. LaDuke's commentary asserts that North Dakota’s...

🌅Afternoon Wire·Sep 24

Global Markets

Global Biofuel Surge to Challenge Long-Term Bakken Oil Demand

A projected 70% surge in global biofuels production by 2030 poses a long-term demand challenge for crude oil from the Bakken formation, as major economies accelerate policies to replace gasoline and diesel with renewable alternatives. According to a study by Chatham House and the Forest Stewardship Council cited by OilPrice.com, the energy crisis triggered by the Middle East conflict in late February has spurred countries to raise fuel-blending mandates, making biofuels more cost-competitive. The United States, the world's largest biofuels producer, is leading this policy charge with significant implications for domestic oil demand. The Environmental Protection Agency established the highest renewable fuel volume mandates in the 20-year history of the Renewable Fuel Standard (RFS) this past April, according to the report. The "Set 2" rule raises biomass-based diesel volume requirements to 5.4 billion gallons for 2026 and 5.7 billion gallons for 2027, a steep increase from 3.35 billion gallons in...

🌅Afternoon Wire·Sep 24