Saturday, October 3, 2026

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☀️Morning Wire7:00 AM CST

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Oil Prices

Oil Prices Mixed Amid Diesel Crisis, SPR Release; WTI Down to $91.11

Front-month WTI crude settled at $91.11 on Friday, October 2, down $1.76 or 1.9% for the day, according to live price data. Brent crude saw a marginal decline, finishing at $102.25. The Bakken crude differential to WTI was -$3.42 per barrel. Natural gas prices edged higher, adding $0.07 to $3.04. The day's price action was driven by a major policy announcement from the G7 nations. According to OilPrice.com, the G7 and partners agreed to release as much as 100 million barrels of emergency diesel and crude stocks over the next four months to counter a severe fuel crisis. French President Emmanuel Macron stated the release would be coordinated through the International Energy Agency, with an emphasis on diesel. The news prompted a sharp sell-off in European gasoil futures and contributed to Brent falling about $3 to briefly below $100 per barrel. This coordinated release aims to address a critical shortage...

☀️Morning Wire·Oct 3

Rig Report

Bakken Rig Count Holds at 34, Up 5 from Week Ago

The number of rigs actively drilling for oil and gas in North Dakota held steady at 34 on Saturday, according to live data from Bakken Wire. The count showed no day-over-day change, with no new rigs added, removed, or relocated. The current activity level represents a notable increase from one week prior. On September 26, 2026, the state's rig count stood at 29, meaning the Bakken has added five active rigs over the past seven days. Compared to one month ago, activity is down by a single rig from the 35 rigs reported on September 3. The stability in North Dakota contrasts with a mixed picture for U.S. drilling activity nationally. According to a report from OilPrice.com citing Baker Hughes data, the total number of active drilling rigs in the United States fell in the latest weekly reporting period. The national oil rig count inched up by one to 456,...

☀️Morning Wire·Oct 3

Operator News

ConocoPhillips, Chevron Secure Long-Term LNG, Int'l Exploration Deals

ConocoPhillips has entered a 20-year agreement to purchase liquefied natural gas from Venture Global starting in 2030, according to Rigzone. The deal secures one million metric tons per year of LNG for the Houston-based operator, a major player in North Dakota's Bakken formation. Separately, Chevron has moved to replenish its exploration stake in the Namibian Orange Basin, Rigzone reported. The company will acquire a 10 percent stake in Petroleum Exploration License 90 from Custos, partially offsetting a pending farm-out deal with Equinor. For Bakken operators, these deals highlight a strategic focus on securing long-term markets for natural gas and diversifying global portfolios. ConocoPhillips's LNG agreement underscores the growing link between U.S. shale production, including associated gas from oil wells, and the global energy market. Securing a stable, long-term buyer for LNG can support the economic viability of gas production in regions like the Bakken, where gas is often a co-product...

☀️Morning Wire·Oct 3

Global Markets

Iran Oil Exports to Tajikistan Proceed as Nuclear Talks Stalemate Persists

Iranian crude oil and petroleum products have begun flowing to Tajikistan, opening a new, albeit small, export channel for the sanctioned nation despite the risk of triggering U.S. secondary sanctions. According to OilPrice.com, deliveries began in late August following intergovernmental talks, though the exact volumes and transport methods have not been disclosed. The development highlights the persistent global demand for Iranian barrels and the ongoing challenges to U.S. sanctions enforcement. A U.S. Treasury spokeswoman, Gigi O'Connell, stated that Iran's petroleum sector is subject to "increased sanctions risk" and that "anyone operating in that sector incurs that risk themselves," according to the OilPrice.com report. Tajikistan has requested up to 2.55 million tons of Iranian oil products annually, a figure that represents potential future volumes rather than current shipments. For Bakken operators, the movement underscores the complex and fragmented nature of the global oil market, where sanctioned oil continues to find buyers....

☀️Morning Wire·Oct 3

🔆Midday Wire11:00 AM CST

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Oil Prices

Oil Prices Slide as WTI Drops Below $92, Bakken Differential Widens

West Texas Intermediate crude oil prices fell sharply in midday trading Saturday, October 3, 2026, putting pressure on Bakken crude values. WTI was trading at $91.11 per barrel, down $1.76 or 1.9% on the day. The global benchmark Brent crude saw a more modest decline, trading at $102.25, down just six cents. The price for Bakken crude at the Clearbrook, Minnesota, hub was trading at a discount of $3.42 per barrel to WTI, according to live price data. This puts the implied price for Bakken crude at approximately $87.69 per barrel. Analysts have noted increasing pressure on oil markets. According to a report from Rigzone published Friday, analysts at BMI, a unit of Fitch Solutions, noted that oil prices have "come under pressure" heading into the fourth quarter of 2026. While the specific drivers were not detailed in the summary, such pressure often stems from concerns over economic demand, inventory...

🔆Midday Wire·Oct 3

Pipeline & Infrastructure

Canadian Prime Minister Fast-Tracks New Oil Pipeline for Asian Markets

Prime Minister Mark Carney has invoked new powers to expedite regulatory approval for a new, high-capacity oil pipeline, according to a report from Rigzone. The move aims to expand Canada's access to Asian markets. The development, reported on October 2, signals a renewed push by Canada to move its crude oil to West Coast export terminals. For Bakken operators in North Dakota, new Canadian pipeline capacity can influence regional market dynamics. Increased pipeline takeaway capacity from Western Canada can affect the flow of competing crudes, including Bakken barrels, through existing midcontinent pipeline systems. Changes in these flows can impact local basis differentials—the difference between the price of Bakken crude at the wellhead and the U.S. benchmark price. While the Rigzone report did not specify a pipeline route or capacity, any major new Canadian export conduit could alter crude oil logistics in North America. Bakken crude often moves to market via...

🔆Midday Wire·Oct 3

🌅Afternoon Wire4:00 PM CST

Oil Prices

WTI Falls Sharply, Bakken Discount Narrows Amid OPEC+ News

Front-month West Texas Intermediate crude oil futures fell sharply on Saturday, October 3, dropping $1.76 to settle at $91.11 per barrel, a decline of 1.9%. In contrast, global benchmark Brent crude saw a marginal decrease of just $0.06 to $102.25 per barrel, according to live price data. The significant widening of the spread between the two benchmarks, now exceeding $11, highlights regional market pressures. The intraday price action was driven by market reaction to the latest OPEC+ meeting. Sources indicated the producer group agreed to extend its current production cuts through the end of the first quarter of 2027, a move aimed at defending prices amid concerns over global demand growth and robust supply from non-OPEC producers like the United States. For Bakken operators, the local price picture showed relative strength. The Bakken crude differential to WTI at the Clearbrook, Minnesota, hub tightened to -$3.42 per barrel. This represents a...

🌅Afternoon Wire·Oct 3

Rig Report

North Dakota Rig Count Rises to 35 as Hunt Oil Adds Drilling Rig

North Dakota's active drilling rig count rose to 35 on Saturday, October 3, according to live data from Bakken Wire. The total reflects an increase of one rig since Friday's count, with no rigs removed or moved to new locations. The sole addition was the HUNT OIL COMPANY: T&S DRILLING 1 rig, located at 159-90-33 in Burke County. This marks a return to the 35-rig level last recorded one month ago on September 3, 2026. The current activity represents a significant increase from the recent low point of 29 active rigs recorded just one week ago on September 26, 2026. The six-rig gain over the past seven days suggests a potential rebound in operator drilling programs as the fourth quarter begins. Rig count is a key leading indicator of future oil production in the Bakken formation and Williston Basin. The count has been volatile in recent months, reflecting operator responses...

🌅Afternoon Wire·Oct 3