Thursday, October 8, 2026

Jump to Today

Next Day

The Afternoon Take

Energy Market Briefing

Listen

0:00 / 4:16

☀️Morning Wire7:00 AM CST

The Morning Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 3:59

Oil Prices

WTI, Brent Surge Over 4% as Bakken Differential Holds Steady

Oil prices surged more than 4% in Thursday trading, with West Texas Intermediate (WTI) crude climbing $3.95 to settle at $92.23 per barrel, according to live price data. The global benchmark, Brent crude, rose $4.45 to $104.65 per barrel. The price rebound was driven by market fundamentals, according to analysis from Rigzone. Naeem Aslam, CIO at Zaye Capital Markets, outlined the main driver for the intraday move, Rigzone reported. For Bakken operators, the rally is tempered by a persistent regional discount. The Bakken differential—the price adjustment for crude produced in the North Dakota region—was recorded at $-3.42 per barrel versus WTI. This means Bakken crude is priced at approximately $88.81 per barrel, factoring in the discount from the WTI benchmark. In the natural gas market, prices saw a modest increase, with the Henry Hub spot price rising $0.05 to $3.25 per MMBtu. Executive sentiment on future natural gas prices was...

☀️Morning Wire·Oct 8

Rig Report

North Dakota Rig Count Holds at 33; Chevron Restructures Bakken Midstream

North Dakota's active drilling rig count held steady at 33 on Thursday, October 8, 2026, showing no daily change, according to live rig data tracked by Bakken Wire. The count has seen a slight decline from recent levels, down one rig from the 34 active one week ago on October 1, and down two rigs from the 35 active one month ago on September 8. The flat daily activity reported no new rigs added, no rigs removed, and no rigs that moved location. The current level continues a period of stability for the Williston Basin's drilling program, which remains a key indicator of near-term oil production trends in the Bakken formation. The steady rig count unfolds alongside corporate restructuring by a major Bakken operator. According to a report from Rigzone, Chevron has exited its position in Hess Midstream through a swap transaction. The deal will make Hess Midstream independent of...

☀️Morning Wire·Oct 8

Daily Activity

Oasis Permits Three Dunn County Wells as Burlington Reports Strong Rolla Completions

Oasis Petroleum North America LLC was the sole operator to secure new drilling permits from the North Dakota Department of Mineral Resources yesterday, according to the agency's daily activity report. The company received three permits, all for wells in the same Dunn County section. The approved permits, 43385, 43386, and 43387, are for the Lovegood Federal 4595 42-19 3B, 4B, and 5B wells, respectively. All are located in SW SE 19-145N-95W within the Murphy Creek field in Dunn County. In other confidential status changes, Devon Energy Williston, L.L.C. had its Corvette 34-35-36-1H well in Williams County released from confidential status. According to the report, two permits for Whiting Oil and Gas Corporation in McKenzie County were canceled. The Toonie 5001 11-18 4B and 5B wells, located in NE NW 18-150N-101W in the Pronghorn field, are no longer active. Additionally, two permits for Burlington Resources Oil & Gas Company LP in...

☀️Morning Wire·Oct 8

Operator News

Major Oil Companies Issue Updates as Hurricane Isaias Threatens Gulf

Major integrated oil companies Shell, Chevron, and Occidental Petroleum have issued operational updates in response to Hurricane Isaias, according to a report from Rigzone. The storm's progression in the Gulf of Mexico is being closely monitored by the energy sector. While the Bakken formation in North Dakota is geographically distant from the Gulf Coast, its crude oil market is directly connected. A significant portion of Bakken crude is transported to Gulf Coast refineries via pipeline and rail. Operational disruptions in the Gulf, including production shut-ins or port closures, can impact the destination and pricing of Bakken barrels. For Bakken operators, these updates from companies with major Gulf of Mexico assets serve as an early indicator of potential market volatility. Shut-in production in the Gulf can tighten overall U.S. supply, potentially providing support for inland crude prices, including the Bakken benchmark. Conversely, prolonged refinery outages or export terminal closures could temporarily...

☀️Morning Wire·Oct 8

Global Markets

Global Oil Prices Hold Near $100 Amid Mixed Market Signals

Global benchmark Brent crude oil traded near $100 per barrel on Wednesday, according to Rigzone, as markets balanced escalating threats to Middle Eastern shipping lanes against reports of recovering regional oil flows. The price resilience underscores the continued geopolitical premium in oil markets, a key factor for Bakken producers. Rigzone reported that prices dipped slightly as traders weighed the dual factors of threats to the Strait of Hormuz, a critical global oil chokepoint, and the apparent resilience of exports from the region. This creates a volatile but high-price environment. For Bakken operators, sustained prices around the $100 mark support drilling economics and cash flow, even as local differentials and operational costs are factored in. The stability of global prices at this level provides a favorable revenue backdrop for North Dakota's oil producers. However, the market's sensitivity to Middle Eastern developments means Bakken operators must monitor geopolitical risks closely, as sudden...

☀️Morning Wire·Oct 8

🔆Midday Wire11:00 AM CST

The Midday Take

Energy Market Briefing

Read Analysis →

Listen

0:00 / 4:30

Oil Prices

Oil Prices Surge Over 5% Amid Supply Concerns; Bakken Differential Narrows

Oil prices jumped sharply in midday trading Thursday, with West Texas Intermediate crude surging 4.96 percent to $92.66 per barrel, a gain of $4.38. The global benchmark Brent crude rose 5.44 percent to $105.65, up $5.45, according to live price data. The price for Bakken crude at the wellhead, which trades at a differential to WTI, narrowed to negative $3.42 per barrel. The midday surge follows a significant upward revision in long-term price forecasts by the U.S. Energy Information Administration. According to Rigzone, the EIA boosted its 2026 Brent crude oil spot price forecast by more than $5 per barrel and raised its 2027 Brent price forecast by $10 per barrel. This substantial revision signals stronger fundamental expectations for the market. While the specific drivers behind today's intraday price jump are not detailed in the provided sources, such moves are typically fueled by a combination of geopolitical risk premiums and...

🔆Midday Wire·Oct 8

Global Markets

Indian Refiners Cut Russian Crude Imports as Urals Prices Rise

India has sharply reduced its crude oil imports from Russia, with flows plunging to their lowest level since March 2022, according to tanker-tracking data compiled by Bloomberg and reported by OilPrice.com. In the four weeks to October 4, shipments from Russia to India averaged just 310,000 barrels per day. The primary driver is economics, not political pressure from U.S. tariff threats, sources told Bloomberg. The price of Russia’s flagship Urals crude loaded in Baltic ports has jumped and now nearly equals the price of Middle Eastern crudes. Urals is being offered at premiums of more than $10 per barrel over Dated Brent, OilPrice.com reported. Increased availability of Middle Eastern crude, as flows through the Strait of Hormuz have rebounded, has given Indian refiners a cheaper alternative. They have opted for Gulf region supplies for November delivery, according to a summary from Rigzone. This significant shift in global trade flows removes...

🔆Midday Wire·Oct 8

🌅Afternoon Wire4:00 PM CST

Oil Prices

Oil Prices Surge Over $90 Amid Iran Tensions, Trump Statement Causes Intraday Dip

Oil prices posted significant gains on Thursday, with West Texas Intermediate (WTI) crude closing above $91 per barrel despite an intraday dip following a statement from former President Donald Trump. According to live price data, WTI settled at $91.14, a gain of $2.86 or 3.24%. Brent crude rose to $103.83, up $3.63 or 3.62%. The price for Bakken crude, a key benchmark for North Dakota producers, traded at a discount of $3.42 per barrel to WTI. The day's trading was dominated by geopolitical tensions surrounding Iran and the Strait of Hormuz. According to a report from OilPrice.com, prices had jumped earlier in the week as Iran stepped up attacks on tankers in the critical shipping chokepoint. This escalated the risk of supply disruptions from the Middle East, a primary driver behind the week's bullish trend. Market volatility increased around midday Thursday following a social media post from former President Trump....

🌅Afternoon Wire·Oct 8

Rig Report

North Dakota Rig Count Holds at 34, XTO Energy Adds New Drilling Rig

North Dakota's active drilling rig count held steady at 34 on Thursday, October 8, 2026, according to live rig data. The state saw the addition of one new rig and zero rigs removed or moved since Wednesday. The new rig was deployed by operator XTO Energy Inc. The H & P 429 rig is located at 153-96-3 in McKenzie County, the core oil-producing county within the Bakken formation. Week-over-week, the state's active rig count shows no change, remaining at 34 rigs since October 1. However, the current fleet is down by one rig compared to the level of 35 active rigs reported a month ago on September 8. The stability in the rig count around the mid-30s reflects a period of measured activity for Bakken producers. Rig count is a key leading indicator for future oil production in the region. The current level, while down slightly from last month, suggests...

🌅Afternoon Wire·Oct 8

Pipeline & Infrastructure

Kinder Morgan Restores Mexico Gas Flows After Brief Pipeline Outage

Kinder Morgan has restored natural gas deliveries to Mexico after a brief outage on its Tennessee Gas Pipeline, lifting a force majeure declaration on Thursday, October 8, according to OilPrice.com. The pipeline operator identified problems on October 5 and isolated sections, including the Rio Bravo and Cenagas delivery meters, declaring force majeure the following day. The outage, while short-lived, exposed the critical nature of Mexico's energy security, as the country holds roughly only three days of gas reserves and lacks large-scale underground storage. Mexico is the largest buyer of U.S. pipeline gas, importing about 8 billion cubic feet per day (Bcf/d) from Texas, which supplies about 75% of the country's total natural gas needs. During the outage, Mexican pipeline operator CENAGAS was warned that flows could fall by as much as 20%. CENAGAS Director Cuitlahuac Garcia described the situation as critical, OilPrice.com reported. The incident underscores the deep integration and...

🌅Afternoon Wire·Oct 8

Global Markets

Supertanker Rush to Hormuz Worsens Global Shipping Crunch

A rush of supertankers to the Middle East is worsening a global shipping crunch, according to a report from Rigzone. The publication reported on October 8 that vessels are racing to the region to capitalize on soaring fees for carrying oil through the critical Strait of Hormuz. The development highlights ongoing geopolitical and logistical pressures in global oil markets. The Strait of Hormuz is a vital chokepoint for seaborne crude exports from major producers like Saudi Arabia, Iraq, and the United Arab Emirates. Increased shipping activity and higher freight rates there can ripple through the worldwide tanker market. For Bakken operators in North Dakota, a tighter global tanker market can translate into higher costs for exporting crude. While most Bakken crude is transported domestically via pipeline and rail, a significant portion reaches international waterborne markets, primarily from the Gulf Coast. When vessel availability decreases and spot charter rates rise globally,...

🌅Afternoon Wire·Oct 8