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Thursday, October 8, 2026

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☀️Morning Wire7:00 AM CST

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

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