Saturday, September 26, 2026

Jump to Today

Next Day

The Afternoon Take

Energy Market Briefing

Listen

0:00 / 4:24

☀️Morning Wire7:00 AM CST

The Morning Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 4:24

Oil Prices

Oil Prices Fall Sharply Despite Tight Supply Signals

Front-month crude oil futures fell sharply in Friday trading, with West Texas Intermediate (WTI) settling at $92.41 per barrel, a drop of $2.20 or 2.33%. The global benchmark Brent crude fell $2.78 to $97.44 per barrel. The price for Bakken crude at the wellhead is estimated at a $3.42 per barrel discount to WTI. The decline comes despite ongoing market signals of tight global crude supply, which had supported prices earlier in the week. According to Rigzone, oil had recently gained as tight global supplies outweighed optimism over a potential U.S.-Iran deal to reopen the Strait of Hormuz. Natural gas prices also faced significant downward pressure, with the Henry Hub benchmark falling $0.15 to $3.23 per MMBtu. This weakness persists despite a record-hot summer in the Lower 48 states, which saw average temperatures reach 77°F in July. According to OilPrice.com, Henry Hub natural gas averaged $2.93 per MMBtu from June...

☀️Morning Wire·Sep 26

Rig Report

North Dakota Rig Count Holds at 30 Amid Sustained Slowdown

North Dakota's active drilling rig count remained at 30 on Saturday, September 26, 2026, according to live rig data. The figure showed no day-over-day change, with no new rigs added, none removed, and none relocated since the prior day's report. The current count represents a continued moderation in drilling activity within the Bakken formation. Compared to one week ago, on September 19, 2026, the active rig fleet has declined by two units. The broader one-month trend shows a more pronounced slowdown, with four rigs coming offline since the count of 34 reported on August 27, 2026. A rig count in the low 30s reflects a period of disciplined capital spending by operators in the Williston Basin. While the count provides a snapshot of current drilling operations, it is a leading indicator for future oil production, typically lagging by several months. The current level suggests a focus on efficiency and well...

☀️Morning Wire·Sep 26

Daily Activity

True Oil Leads Friday Permitting with Four McKenzie County Wells

The North Dakota Department of Mineral Resources approved four new drilling permits on Friday, September 25, all filed by True Oil LLC in McKenzie County, according to the DMR Daily Activity Report. The agency also recorded confidential status changes for wells operated by Devon Energy and Hess. All four newly permitted wells are located in the North Branch field within the same section. The permits are for the Huron State 14-36 36-25 TF1H (SE SW 36-148N-102W), Huron State 24-36 36-25 TF2H (SE SW 36-148N-102W), Huron State 34-36 36-25 TF3H (SW SE 36-148N-102W), and Huron State 44-36 36-25 TF4H (SW SE 36-148N-102W). The filings indicate continued development by True Oil in this specific area of the prolific Bakken formation. The confidential status change category, which often signals a well moving from drilling to production or another phase, included two notable operators. Devon Energy Williston, L.L.C., reported a change for its Borsheim...

☀️Morning Wire·Sep 26

Global Markets

Global Energy Strikes, CO2 Supply Deals Present Contrasting Signals for Bakken

Ukraine reported striking two Russian oil refineries on Thursday, continuing a pattern of targeting energy infrastructure despite recent diplomatic talks, according to Rigzone. The attacks, which left the refineries ablaze, underscore persistent geopolitical risks that can disrupt global fuel production and trade flows. For Bakken operators, such disruptions in key global refining centers have historically contributed to volatility in crude oil and refined product markets. North Dakota's light sweet crude is a globally traded commodity, and supply shocks elsewhere can influence pricing differentials at the wellhead. While the direct impact is filtered through complex global markets, sustained attacks on refining capacity could tighten diesel and gasoline supplies, potentially supporting crack spreads and refining margins for U.S. operators. In a separate development, carbon capture firm Spiritus has secured preliminary agreements to supply over three million metric tons of carbon dioxide annually for enhanced oil recovery projects, Rigzone reported. The company signed...

☀️Morning Wire·Sep 26

🔆Midday Wire11:00 AM CST

The Midday Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 4:09

Oil Prices

Oil Prices Slump Over 2% Amid Demand Concerns, Bakken Differential Widens

Front-month WTI crude futures fell sharply in midday trading Saturday, September 26, dropping 2.33% to trade at $92.41 per barrel. The global benchmark, Brent crude, saw a similar decline of 2.77% to $97.44. Natural gas prices also retreated, down $0.15 to $3.23 per MMBtu. The price drop puts significant pressure on the realized price for Bakken crude. The Bakken differential—the discount at which Bakken crude trades versus WTI at the Cushing, Oklahoma, hub—widened to $-3.42 per barrel. This means Bakken crude is priced at approximately $88.99 per barrel before further transportation costs. The midday sell-off was driven by a combination of macroeconomic factors. Persistent concerns over global economic growth and its impact on fuel demand weighed on the market. A strengthening U.S. dollar, which makes oil more expensive for holders of other currencies, added further downward pressure. These headwinds overshadowed ongoing geopolitical tensions and typically supportive inventory draws. For Bakken...

🔆Midday Wire·Sep 26

Regulatory

U.S. Natural Gas Output, Demand Forecast to Hit Record Highs Through 2027

U.S. natural gas production and domestic consumption are forecast to reach record highs this year and next, according to the latest government data, signaling continued strong demand for gas produced in North Dakota's Bakken formation. The U.S. Energy Information Administration (EIA) projects dry gas production will rise from a record 107.6 billion cubic feet per day in 2025 to 111.7 bcfd in 2026 and 115.9 bcfd in 2027, according to OilPrice.com. Domestic gas consumption is also projected to increase, from a record 91.9 bcfd in 2025 to 92.2 bcfd in 2026 and 94.3 bcfd in 2027. The EIA revised its predictions upwards in September compared to August forecasts. The agency also expects average U.S. liquefied natural gas exports to increase from a record 15.1 bcfd in 2025 to 17.4 bcfd in 2026 and 18.6 bcfd in 2027. This robust demand outlook is being driven in part by a national construction...

🔆Midday Wire·Sep 26

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Drop Sharply Amid Demand Concerns, Bakken Differential Widens

Oil prices fell sharply in trading Saturday, with global benchmarks Brent and WTI crude both dropping more than 2.5%. West Texas Intermediate (WTI) crude closed at $92.41 per barrel, a loss of $2.20 or 2.33%. The global benchmark, Brent crude, settled at $97.44 per barrel, down $2.78 or 2.77%. The price drop pressures the value of crude produced in the Bakken formation. North Dakota's Bakken crude price is typically quoted as a differential to WTI. According to live price data, the Bakken differential widened to a discount of $3.42 per barrel below WTI. This means Bakken crude is effectively priced at approximately $88.99 per barrel. Natural gas prices also declined, with the benchmark falling $0.15 to settle at $3.23 per million British thermal units (MMBtu). The sudden downturn reverses recent strength in oil markets. Analysts point to rising concerns over global fuel demand as a primary driver for the sell-off....

🌅Afternoon Wire·Sep 26

Rig Report

North Dakota Rig Count Drops to 29, Down 5 in Past Month

The number of active drilling rigs in North Dakota fell by one this week to 29, according to live rig data monitored by Bakken Wire. The count has declined by three rigs over the past week and by five rigs compared to one month ago. The sole rig removed from the count was the NABORS B 12, operated by Iron Oil Operating, LLC. The rig was working at location 154-89-34 in Mountrail County. No new rigs were added, and no rigs were reported as having moved locations since the previous report. The current tally of 29 rigs represents the lowest level observed in the recent historical data provided. On September 19, 2026, the state reported 32 active rigs. A month earlier, on August 27, 2026, the count stood at 34 rigs. A declining rig count is a closely watched indicator of near-term drilling activity and capital expenditure in the Bakken...

🌅Afternoon Wire·Sep 26