Sunday, October 4, 2026

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Oil Prices

WTI Crude Falls Nearly 2%, Bakken Oil Prices Follow Lower

West Texas Intermediate crude oil prices fell sharply in early trading, dropping below the Bakken region's key benchmark. The front-month WTI contract was trading at $91.11 per barrel Sunday morning, a decline of $1.76 or 1.9 percent from its previous close. The international Brent crude benchmark showed relative stability at $102.25, down just six cents. The price weakness in the U.S. benchmark follows a reported build in domestic commercial crude inventories. According to Rigzone, citing the U.S. Energy Information Administration's latest weekly report, commercial crude oil stocks, excluding the Strategic Petroleum Reserve, rose to 427.320 million barrels for the week ending September 25. This increase of nearly one million barrels week-over-week suggests a slight loosening in domestic supply fundamentals. Analysts have pointed to broader market pressures heading into the final quarter of the year. In a separate report also published October 2, Rigzone noted that analysts at BMI, a unit...

☀️Morning Wire·Oct 4

Rig Report

North Dakota Rig Count Holds at 35, Up 6 Over the Past Week

The number of active drilling rigs in North Dakota held steady at 35 on Sunday, October 4, 2026, according to live rig data monitored by Bakken Wire. There were no new rigs added, no rigs removed, and no rigs that moved location since yesterday's count. The stable daily figure follows a week of notable growth in the state's drilling fleet. One week ago, on September 27, 2026, the active rig count stood at 29. This represents a net increase of six rigs over the past seven days. Compared to one month ago, activity has shown a slight uptick. On September 4, 2026, the North Dakota rig count was 34, meaning the current level is one rig higher. The Bakken formation, North Dakota's primary oil-producing region, requires consistent drilling to offset the steep initial decline rates of its prolific shale wells and maintain overall production. The rig count is a leading...

☀️Morning Wire·Oct 4

Daily Activity

DMR Reports No New Permitting or Drilling Activity Saturday

The North Dakota Department of Mineral Resources (DMR) reported no new oil and gas activity filings for Saturday, October 3, 2026, according to its daily report. The daily DMR activity report typically lists newly approved drilling permits, notices of spudded wells, reported well completions, and plugging reports. A day with no filings indicates no applications were processed or submitted by operators. Days with no reported activity are normal, especially on weekends and during holidays, when regulatory offices are closed and field operations often slow. The report provides a regular snapshot of administrative and operational pace for Bakken shale operators. The next report, covering activity for Sunday, October 4, is expected to be released on Monday morning.

☀️Morning Wire·Oct 4

Operator News

ConocoPhillips Signs 20-Year LNG Supply Deal with Venture Global

ConocoPhillips has entered a 20-year agreement to purchase liquefied natural gas from Venture Global LNG starting in 2030, according to a report from Rigzone. The deal is for one million metric tons of LNG per year. For Bakken operators, including ConocoPhillips itself as a major player in the region, long-term LNG contracts provide a potential blueprint for managing associated natural gas production. The Bakken formation is a primary oil-producing region, but significant volumes of natural gas are produced alongside that crude. Securing stable, long-term offtake agreements is crucial for the economics of gas production and for meeting flaring reduction targets in North Dakota. While the specific LNG supply for ConocoPhillips' new deal may not originate in the Bakken, the company's growing global LNG portfolio creates optionality for its overall natural gas production. Investments in downstream gas markets help support upstream development by guaranteeing a future sales point. This is particularly...

☀️Morning Wire·Oct 4

Pipeline & Infrastructure

Canada Moves to Fast-Track Oil Pipeline for Asian Markets

Canadian Prime Minister Mark Carney is invoking new powers to fast-track regulatory approval for a major new oil pipeline, according to a report from Rigzone. The move aims to expand Canada's access to Asian crude markets. While the specific pipeline project was not named in the report, the push for increased export capacity from Canada represents a significant shift in North American energy infrastructure policy. For Bakken operators, the development carries both competitive and logistical considerations. Increased pipeline capacity from Western Canada could influence crude pricing benchmarks across the continent, including the Bakken's own local price at Clearbrook, Minnesota. Greater volumes of Canadian crude reaching global markets can affect the supply-demand balance for similar light sweet crudes produced in the Williston Basin. Historically, pipeline constraints have limited Canadian crude to primarily U.S. Midwest markets, keeping a lid on prices. A new high-capacity outlet to Asia could alter that dynamic, potentially...

☀️Morning Wire·Oct 4

🔆Midday Wire11:00 AM CST

The Midday Take

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Oil Prices

WTI Crude Falls Sharply While Bakken Differential Widens

West Texas Intermediate crude oil prices fell sharply in midday trading Sunday, October 4, 2026, dropping $1.76 to $91.11 per barrel, a decline of 1.9%. The international benchmark Brent crude saw a more modest decrease, falling $0.06 to $102.25 per barrel, according to live price data. The price drop for the U.S. benchmark puts pressure on Bakken producers, as the discount for Bakken crude at the Clearbrook, Minnesota, hub widened to $3.42 per barrel below WTI. This means Bakken crude is effectively trading at approximately $87.69 per barrel. In contrast to the crude market, natural gas prices showed strength, rising $0.07 to $3.04 per million British thermal units. The midday slump in WTI prices comes amid broader market pressures. The significant spread between WTI and Brent, which now exceeds $11 per barrel, highlights regional market dynamics and logistical factors affecting U.S. crude. A wider Brent-WTI spread can sometimes indicate ample...

🔆Midday Wire·Oct 4

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Hold Steady as Markets Await Direction

Front-month futures contracts for global oil benchmarks showed no change in Sunday electronic trading, with markets appearing to hold their breath ahead of the new trading week. West Texas Intermediate (WTI) crude was flat at $91.11 per barrel, while international benchmark Brent crude also held steady at $102.25 per barrel, according to Bakken Wire's live price data. The lack of price movement reflects typical subdued Sunday trading activity, with many physical markets closed and traders awaiting fresh catalysts. The price stability follows a volatile quarter where geopolitical tensions and OPEC+ supply management have been primary market drivers. The significant $11.14 per barrel spread between WTI and Brent remains a focal point for U.S. exporters. Natural gas prices also showed no movement, holding at $3.04 per million British thermal units (MMBtu). The Bakken differential to WTI was not defined in Sunday's data set, a common occurrence during weekend trading when physical...

🌅Afternoon Wire·Oct 4

Rig Report

North Dakota Rig Count Holds Steady at 35

North Dakota's active drilling rig count remained unchanged Sunday, October 4, holding at 35 rigs, according to live rig data from Bakken Wire. The data showed no new rigs added, none removed, and none that moved location since the previous day. The current count represents a significant weekly increase, standing six rigs higher than the 29 active rigs reported one week ago on September 27, 2026. On a monthly basis, activity is up by a single rig from the 34 rigs active on September 4. The steady count follows a period of notable volatility, with the six-rig weekly gain marking one of the more substantial short-term increases in recent months. The stability at 35 rigs suggests operators may be consolidating their drilling programs after a recent build-up in activity. The Bakken formation, North Dakota's primary oil-producing region, has seen its rig count fluctuate within a relatively narrow band throughout 2026,...

🌅Afternoon Wire·Oct 4