Oil Prices Edge Higher Midday Sunday; Bakken Differential Widens Slightly

Oil prices registered slight gains in midday trading on Sunday, July 5, 2026, amid thin volume due to the extended U.S. Independence Day holiday weekend. West Texas Intermediate (WTI) crude traded at $68.78 per barrel, up 9 cents or 0.13% from its last settlement. The global benchmark, Brent crude, saw a slightly stronger increase, rising 33 cents to $72.13 per barrel, a gain of 0.46%.

The price for Bakken crude at the wellhead, however, faced a slightly wider discount. The Bakken differential was quoted at -$3.42 per barrel versus WTI, meaning Bakken crude is priced at a discount of that amount compared to the benchmark. Natural gas prices also moved higher, adding 5 cents to trade at $3.25 per MMBtu.

The modest upward movement in crude benchmarks is occurring in a market with limited fundamental news flow over the holiday period. Trading activity is typically subdued during long U.S. weekends, which can lead to amplified price moves on relatively small order flows. The lack of significant selling pressure suggests a stable, if unspectacular, near-term outlook.

For Bakken operators, the midday pricing presents a mixed picture. The small rise in the underlying WTI price is a positive, but the widening of the Bakken differential directly impacts the netback price received for barrels produced in North Dakota. The current differential of -$3.42 represents the typical cost of transporting and adjusting for the quality of Bakken crude to the main pricing hub in Cushing, Oklahoma. When this discount widens, it erodes the per-barrel revenue for producers.

The stability in natural gas prices is a secondary factor for Bakken producers, many of whom produce significant associated gas alongside oil. A price holding above $3.00 provides some revenue support for that stream, though it remains a fraction of the value of crude oil.

Market participants are likely looking ahead to the week's upcoming events, including the latest inventory data from the U.S. Energy Information Administration, which will be delayed by one day due to the holiday. Traders will be watching for signs of continued inventory draws or builds, which will set the tone for post-holiday trading. Any signals from OPEC+ regarding production policy will also be closely monitored, as the group's management of supply remains a primary driver of global oil prices.

For now, the Bakken remains a key economic engine for North Dakota, and even modest price fluctuations are closely watched by operators, service companies, and royalty owners across the Williston Basin.