Monday, September 28, 2026

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☀️Morning Wire7:00 AM CST

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Oil Prices

WTI Surges Past $95, Brent Tops $100 on Geopolitical Tensions

Oil prices surged in early Monday trading, with West Texas Intermediate (WTI) crude crossing the $95 per barrel mark as renewed geopolitical friction and supply concerns bolstered the market. WTI settled at $95.74, a gain of $3.33 or 3.6% for the day. The global benchmark, Brent crude, broke through the $100 threshold to $100.52, up $3.08 or 3.16%. The primary driver of the rally was a stalemate between the United States and Iran over negotiations to reopen the Strait of Hormuz, a critical chokepoint for global energy shipments. According to OilPrice.com, U.S. President Donald Trump rejected an Iranian proposal to begin peace talks over the weekend, rekindling fears that liquefied natural gas (LNG) and oil supply through the strait would not return to normal soon. This comes as Europe approaches winter with historically low gas storage levels. The price move was reflected in intraday trading, with Rigzone reporting Brent oil...

☀️Morning Wire·Sep 28

Rig Report

North Dakota Rig Count Holds at 29 Amid Sustained Downtrend

North Dakota's active drilling rig count held steady at 29 on Monday, September 28, with no rig additions or subtractions reported from the previous day, according to live state data. However, the static daily figure masks a broader contraction in drilling activity over recent weeks. The current count of 29 rigs represents a decline of three rigs from the level of 32 recorded just one week ago, on September 21, 2026. The longer-term trend shows an even sharper pullback. Compared to one month ago, when 36 rigs were actively drilling in the state on August 29, the current operational fleet is down by seven rigs. This sustained decline suggests a continued period of cautious capital deployment by Bakken operators. A rig count in the high-20s reflects a stabilized but historically muted level of drilling activity for the Williston Basin, which has seen much higher activity in previous boom cycles. The...

☀️Morning Wire·Sep 28

Daily Activity

No New Activity Reported in North Dakota DMR Daily Report for Sunday

The North Dakota Department of Mineral Resources (DMR) daily activity report for Sunday, September 27, 2026, contained no new filings for drilling or well-related activity, according to the department's data release. The DMR's daily report typically lists new drilling permits approved, well completions reported, spud notices (when drilling begins), and notices for plugged wells. These filings provide a real-time snapshot of operational activity across the Williston Basin and Bakken formation. Days with no reported activity are normal, particularly following weekends and state holidays when regulatory offices are closed and operator filings pause. The lack of new permits or completion reports on a Sunday indicates a standard administrative lull. Industry observers use the daily reports to track the pace of development. While a single day without filings does not signal a trend, sustained periods of low activity in the reports can reflect broader shifts in operator planning or regulatory processing times.

☀️Morning Wire·Sep 28

Global Markets

Global Tensions, Europe's Gas Diversification Shape Bakken Market Context

Global energy supply tensions and Europe's continued diversification away from Russian gas are shaping the market environment for Bakken crude as the winter season approaches. Key developments include a stalemate over the Strait of Hormuz, attacks on Russian refineries, and Germany's declaration of supply security despite low gas storage levels, according to wire reports. Iran remained firm on its seven-day proposal for reopening the crucial Strait of Hormuz on Monday, September 28, saying it won't soften its conditions, Rigzone reported. The chokepoint for seaborne oil exports from the Persian Gulf is a perennial source of geopolitical risk premium for global crude benchmarks, which directly influence the price of Bakken crude. Meanwhile, Ukraine said it hit two more Russian oil refineries on September 25, as the warring countries continue strikes against each other's energy assets, according to a separate Rigzone summary. Such attacks have the potential to tighten global refined product...

☀️Morning Wire·Sep 28

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Surge Past $94, Brent Nears $100 as OPEC+ Extends Cuts

Front-month WTI crude futures surged 2.62% to $94.83 per barrel in midday trading Monday, while Brent crude climbed 2.25% to $99.63, according to live price data. The rally brings Brent within striking distance of the $100 psychological threshold. The sharp price increase follows the official confirmation over the weekend that the OPEC+ alliance will extend its current production cuts through the end of the year. The group, which includes Saudi Arabia and Russia, is maintaining a reduction of nearly 2 million barrels per day from the market in an effort to bolster prices. The price jump provides an immediate revenue boost for Bakken shale operators. The discount for Bakken crude at the wellhead, known as the differential, was recorded at $3.42 below WTI, according to midday data. This means Bakken crude is priced at approximately $91.41 per barrel. A strong WTI price directly translates to higher realizations for local producers,...

🔆Midday Wire·Sep 28

Operator News

Chevron, ExxonMobil Secure Potential Crude Supply Deals with Vietnam

Chevron and ExxonMobil have separately agreed to potential crude oil supply deals with Vietnam, according to reports from Rigzone. The agreements with state-owned PetroVietnam (PVN) were announced on Monday, September 28. For Chevron, the agreement could also secure supplies of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) for Vietnam, Rigzone reported. The details of the crude supply volumes and terms were not disclosed. While the specific sourcing for the crude was not specified in the reports, such international supply agreements are significant for integrated majors like Chevron and ExxonMobil that operate in the Bakken formation. Both companies hold substantial acreage and production in North Dakota's Williston Basin. The development highlights the global market reach of the Bakken's largest operators. Securing offtake agreements in growing Asian economies like Vietnam provides a potential outlet for crude produced in the region. This aligns with the industry's broader strategy of diversifying market...

🔆Midday Wire·Sep 28

Pipeline & Infrastructure

Saudi Arabia Commences Exports on Major Oil Pipeline

Saudi Arabia has begun exporting crude oil via a major new pipeline, according to a report from Rigzone. The development adds significant export capacity to the global market. The pipeline has a total capacity of about seven million barrels per day, with about five million typically earmarked for exports, Rigzone reported on September 28. The start of operations on this key infrastructure project increases the volume of crude available for international trade. For operators in North Dakota's Bakken formation, increased global supply can influence the price differentials for Bakken crude. The Bakken competes in a global marketplace, and new sources of export barrels can affect the competitiveness of shipments from the U.S. Gulf Coast and other export hubs. The development underscores the interconnected nature of the global oil market. Bakken production, which is primarily transported to market via pipelines and rail, is priced against global benchmarks. Any significant change in...

🔆Midday Wire·Sep 28

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Climb Over 1% as OPEC+ Signals Extended Cuts

Front-month crude oil futures rallied more than 1% in Monday trading, with global benchmark Brent crude nearing the $99 per barrel mark. The gains were fueled by expectations that the OPEC+ producer group will maintain its current output restraints. According to live price data, West Texas Intermediate (WTI) crude for November delivery settled at $93.43 per barrel, an increase of $1.02 or 1.1%. The international benchmark, Brent crude, rose $1.26 to $98.70 per barrel, a gain of 1.29%. The rally was underpinned by signals from OPEC+ delegates that the coalition is likely to extend its current production cuts into the fourth quarter when it meets in early October. This ongoing supply discipline continues to tighten the global market, providing a floor under prices. For Bakken operators, the price received at the wellhead is typically priced at a discount to WTI at the Clearbrook, Minnesota, or Guernsey, Wyoming, hubs. The live...

🌅Afternoon Wire·Sep 28

Rig Report

North Dakota Rig Count Rises to 33 with Three New Additions

North Dakota's active drilling rig count rose to 33 on Monday, September 28, 2026, with three new rigs reported, according to live data monitored by Bakken Wire. No rigs were removed or moved locations from the previous day. The new activity was concentrated in the state's core oil-producing counties. Phoenix Operating LLC spud the PATTERSON 276 rig at location 160-98-13 in Divide County. In Williams County, HESS BAKKEN INVESTMENTS II, LLC activated the NABORS x24 at 153-98-17, and KRAKEN OPERATING, LLC spud the NABORS B 12 at 158-100-17. The current tally of 33 rigs represents a slight weekly increase from the 32 rigs active one week ago, on September 21. However, drilling activity remains below levels seen a month ago, down three rigs from the count of 36 reported on August 29. The modest uptick in North Dakota aligns with a broader increase in North American drilling activity this week....

🌅Afternoon Wire·Sep 28