Brent Surges Past $112 on OPEC+ Cut Reports; WTI Tops $99
Strong international benchmarks lift Bakken-linked crude prices, though local differential widens slightly in Thursday trading.
Global oil benchmarks rallied sharply on Thursday, October 22, 2026, with Brent crude surging over 3.7% on reports of a potential OPEC+ production cut. The price action provides a significant lift to Bakken producers, though the local price differential saw modest pressure.
The front-month Brent crude contract settled at $112.92 per barrel, a substantial gain of $4.10 for the session. The rally was reportedly fueled by growing market anticipation that the OPEC+ coalition, which includes major producers like Saudi Arabia and Russia, is considering reducing output at its upcoming meeting to support prices. West Texas Intermediate (WTI), the primary benchmark for U.S. crude, also posted strong gains, rising $1.97 to close at $99.12 per barrel, a 2.03% increase.
For operators in the North Dakota Bakken, the price of their crude is typically set at a discount to WTI. On Thursday, the Bakken differential was reported at -$3.42 per barrel versus WTI. This implies a wellhead price for Bakken crude of approximately $95.70 per barrel, based on the day's WTI settlement. While the absolute price received by producers rose with the rally in benchmarks, the differential widened slightly compared to recent levels, indicating localized pricing pressure or logistical factors.
The stark outperformance of Brent over WTI, which expanded the spread between the two benchmarks, is often seen as a sign of tightening global supply conditions relative to the U.S. market. The specific catalyst appears to be the OPEC+ speculation, which directly impacts the international crude flows priced against Brent. Such a dynamic can increase the competitiveness of U.S. exports, including Bakken crude shipped to international markets.
Natural gas prices, a secondary revenue stream for many Bakken wells, were largely unchanged. The benchmark contract settled at $2.78 per MMBtu, down just one cent on the day.
The day's price action underscores the continued sensitivity of oil markets to OPEC+ policy signals. For Bakken operators, sustained prices near or above $95 per barrel at the wellhead provide solid cash flow to support drilling and completion activities, though wider differentials can trim margins. The market will now closely watch for official confirmation and details of any OPEC+ production agreement, which will set the tone for prices into year-end.
Source
Bakken Wire Live Price Data
