Tuesday, September 29, 2026

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Oil Prices

Oil Prices Drop Over 1.5% as Saudi Arabia Restarts Red Sea Loadings

Oil prices fell sharply in Tuesday morning trading as the restart of a key Saudi Arabian export route eased global supply concerns. West Texas Intermediate (WTI) crude was down $1.47, or 1.59%, to trade at $91.13 per barrel, according to live price data. The international benchmark Brent crude declined $1.42 (-1.45%) to $96.41. The price decline follows news that Saudi Arabia has restarted crude oil loadings at the Yanbu port on the Red Sea. According to a report from OilPrice.com, the resumption came after the East-West pipeline resumed partial service. The pipeline, which helps Saudi Arabia bypass the Strait of Hormuz, had been shut down for two weeks following drone attacks on pumping stations on September 10. The restart is increasing global oil supply. Satellite imagery from Sunday showed Saudi Arabia loading nearly 10 million barrels of crude oil at Yanbu and the Al Muajjiz terminal, according to TankerTrackers.com cited...

☀️Morning Wire·Sep 29

Rig Report

Bakken Rig Count Holds at 33 as North American Activity Rises

The number of active drilling rigs in North Dakota held steady at 33 on Tuesday, September 29, according to live data from Bakken Wire. The state saw no new rigs added, removed, or relocated since yesterday's report. This stability follows a period of modest fluctuation. The current count is up by one rig from the 32 active rigs reported one week ago on September 22. However, activity is down from a month prior, when 36 rigs were active on August 30. The local trend aligns with a broader increase in North American drilling activity. According to a summary from Rigzone, North America added 15 rigs week-on-week in the latest Baker Hughes rotary rig count, which was published on September 28. While the Bakken's rig count remains in a narrow range, international disputes over drilling rights continue to flare. According to a report from OilPrice.com, Argentine President Javier Milei has threatened...

☀️Morning Wire·Sep 29

Daily Activity

Hess and Enerplus Lead Bakken Permitting with Seven New Wells

The North Dakota Department of Mineral Resources approved seven new drilling permits in filings dated Monday, September 28, 2026, with Hess Bakken Investments II, LLC and Enerplus Resources USA Corporation accounting for all the new activity. Hess was the most active operator, receiving approval for five new wells in Williams County. All five permits (43347 through 43351) are located in the Rainbow field. Four of the permits (GO-BEYER-158-98-3415H-1 through H-4) are for a single pad, indicating a significant multi-well development project. The fifth Hess permit is for the GO-BINDE-158-98-3514H-1 well. Enerplus Resources USA Corporation was approved for two permits in Dunn County. The permits, 43051 for the MHA BUCKWHEAT 4892 21-19 3B well and 43056 for the MHA RICE 4892 21-19 8B well, are both located in an unspecified field on Lot 2, according to the DMR report. In other activity, the DMR released six wells from confidential status, making...

☀️Morning Wire·Sep 29

Operator News

Chevron, ExxonMobil Pursue Crude Supply Agreements with Vietnam

Chevron and ExxonMobil have separately agreed to potential crude oil supply deals with Vietnam, according to reports from Rigzone. The agreements, announced September 28, involve the state-owned Vietnam Oil and Gas Group (PVN). For Bakken operators, these international agreements underscore the importance of global export markets for North Dakota crude. While the deals are not specific to Bakken oil, increased demand from Asian refiners creates a broader, more stable market for the light, sweet crude produced in the Williston Basin. Chevron’s agreement with PVN could also secure supplies of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) for Vietnam, Rigzone reported. This highlights the integrated energy companies' strategy to market a full suite of products, including natural gas, which is a significant associated product from Bakken oil wells. ExxonMobil, a major leaseholder and operator in the Bakken through its subsidiary XTO Energy, is also pursuing a separate crude supply...

☀️Morning Wire·Sep 29

Global Markets

Global Supply Strains, Price Risks Loom Over Bakken Market

Geopolitical tensions and shifting global trade flows are tightening the oil market and injecting new uncertainty into the outlook for Bakken producers, according to recent analyses. Key developments in India, the Middle East, and China are influencing global prices and supply chains that directly impact North Dakota's oil sector. India, the world's second-largest importer of Russian crude, is unlikely to replace those barrels despite a new U.S. law authorizing 100% tariffs on goods from major Russian oil buyers, analysts say. According to OilPrice.com, India has expressed concern to U.S. officials about the potential tariffs' implications for "the international energy market." Analysts note the U.S. may also hesitate to enforce tariffs that could remove millions of Russian barrels daily, further rallying prices at a time when "U.S. gasoline prices are rising even in off-peak season, and diesel prices are at record highs." Concurrently, supply disruptions are mounting. A crisis in the...

☀️Morning Wire·Sep 29

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

Oil Prices Drop Sharply as Demand Concerns Weigh on Market

Oil prices retreated sharply in midday trading Tuesday, with the U.S. benchmark falling over 2% amid growing concerns over the strength of global fuel demand. West Texas Intermediate (WTI) crude for November delivery was trading at $90.50 per barrel, down $2.10 or 2.27% on the day. The international benchmark, Brent crude, was at $96.53, a decline of $1.33 per barrel. The price drop pressured the local Bakken crude differential. According to live price data, Bakken crude was priced at a discount of $3.42 per barrel versus WTI at midday. This represents a weakening from recent levels and directly impacts the wellhead revenue for producers in the North Dakota shale play. The midday sell-off was primarily attributed to heightened anxiety over economic growth and its impact on oil consumption. Market analysts pointed to renewed fears of a potential slowdown, which could erode demand for gasoline, diesel, and other petroleum products. This...

🔆Midday Wire·Sep 29

Operator News

Texas Regulator Urges Oilfield Theft Reporting

Texas Railroad Commissioner Wayne Christian is urging oilfield operators to report theft, according to a statement posted on the Texas Railroad Commission's (RRC) website recently highlighted by Rigzone. The call for increased reporting highlights a persistent, costly issue in oil and gas regions, including North Dakota's Bakken formation. Equipment theft and fuel siphoning are common crimes that impact operator profitability and site security. While the statement originates from Texas, its message is directly applicable to Bakken operators. Unreported theft leads to financial losses and can complicate recovery efforts if law enforcement is not alerted. Industry-wide, stolen equipment often moves across state lines. For operators in the Williston Basin, maintaining secure sites and promptly reporting incidents to local authorities and the North Dakota Industrial Commission is a standard best practice. Effective reporting helps track crime patterns and can lead to recoveries. The Texas RRC's public emphasis on the issue serves as...

🔆Midday Wire·Sep 29

Global Markets

EIA Raises 2026 US Energy Demand Forecast, Lowers 2027 Outlook

The U.S. Energy Information Administration has increased its forecast for national energy demand in 2026 while lowering its projection for 2027, according to a report from Rigzone. The agency now expects total U.S. energy consumption to reach 95.84 quadrillion British thermal units (qBtu) this year and 96.77 qBtu next year. For Bakken shale operators, the upward revision for 2026 suggests underlying demand for oil and associated products could remain robust through the end of the current year. Stronger-than-anticipated consumption typically provides fundamental support for crude prices, which directly influences drilling budgets and completion activity in North Dakota's core oil-producing region. However, the lowered forecast for 2027 introduces a note of caution for longer-term planning. A moderated demand outlook for next year could signal a potential easing of market tightness, potentially capping significant price rallies. This may lead operators to maintain a disciplined approach to capital spending and growth targets when...

🔆Midday Wire·Sep 29

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Plunge Over 3% Amid Policy Uncertainty; Bakken Discount Holds

Oil prices fell sharply on Tuesday, with the U.S. benchmark dropping nearly 4% as policymakers weighed measures to address soaring fuel costs. West Texas Intermediate (WTI) crude settled at $88.91, down $3.69 (-3.98%) for the session. The global benchmark, Brent crude, closed at $95.65, a decline of $2.18 (-2.23%). Bakken crude traded at a discount of $-3.42 per barrel versus WTI. The price decline coincides with ongoing discussions in Washington over how to combat high diesel prices, according to a report from OilPrice.com. The White House is reportedly weighing a plan to boost the availability of tax-exempt red-dyed diesel as an alternative to a proposed diesel export ban. Red-dyed diesel, used in agriculture and construction, is exempt from the federal excise duty of $0.244 per gallon. The policy debate highlights the complex pressures on fuel markets seven months into a war involving the United States, Israel, and Iran. Diesel prices...

🌅Afternoon Wire·Sep 29

Rig Report

North Dakota Rig Count Drops to 30 with Two Units Released

North Dakota's active drilling rig count fell to 30 on Tuesday, September 29, 2026, according to Bakken Wire's daily tally. The total decreased by two rigs from the previous day, with no new rigs added or existing units moved. Two rigs were released from service. Koda Resources Operating, LLC's STONEHAM 17 rig, which had been operating in Divide County at location 160-103-22, was removed. Additionally, Devon Energy Williston, L.L.C. released its NABORS B 13 rig from McKenzie County location 152-101-23. The current count of 30 active rigs represents a continued decline in drilling activity across the Williston Basin. Compared to one week ago, on September 22, 2026, the rig count is down by two units from a total of 32. The broader trend shows a more significant pullback over the past month. On August 30, 2026, North Dakota reported 36 active drilling rigs, meaning the fleet has contracted by six...

🌅Afternoon Wire·Sep 29

Global Markets

Iran Threatens Middle East Energy Infrastructure Amid Hormuz Standoff

Iran threatened to attack energy infrastructure across the Middle East on September 29 if its security isn't guaranteed, directly raising the stakes in the ongoing Strait of Hormuz crisis, according to a report from OilPrice.com. The threat from Iran's chief negotiator, Mohammad Baqer Qalibaf, was broadcast by state TV: "In a region where we cannot sell oil, no one else will sell oil either; or if our security is not guaranteed, no infrastructure will remain safe." The statement came as Iran awaited an official U.S. response to a plan Tehran offered last week to reopen the strait, a critical transit lane that carried roughly one-fifth of the world's oil and gas supply before the conflict. The Iranian proposal, dismissed by U.S. President Donald Trump, called for reopening the waterway and restarting nuclear talks within seven days, contingent on Washington lifting its naval blockade on ships heading to Iran, removing oil...

🌅Afternoon Wire·Sep 29