Oil Prices Edge Higher on OPEC+ Signals, Bakken Differential Widens
WTI holds above $82 as producers reaffirm market support, but North Dakota crude trades at a larger discount.
Oil prices posted modest gains in midday trading Thursday, supported by signals from OPEC+ producers that they are prepared to intervene to stabilize the market. West Texas Intermediate (WTI) crude for October delivery was trading at $82.62 per barrel, up 47 cents or 0.57%. The global benchmark, Brent crude, rose 66 cents to $87.51 per barrel.
The price support follows recent commentary from key OPEC+ members, including Saudi Arabia and Russia, reaffirming their commitment to the group's production agreements and their readiness to take additional measures if needed. This has provided a floor for prices amid ongoing concerns over global economic growth and fuel demand.
For Bakken operators, the price received at the wellhead is more directly tied to the Bakken differential. That discount to the WTI benchmark widened slightly in Thursday's trading, sitting at -$3.42 per barrel. This means Bakken crude is priced at approximately $79.20 per barrel, based on the current WTI price.
Natural gas prices also saw an uptick, with the front-month contract rising 4 cents to $2.91 per million British thermal units (MMBtu). While this offers some marginal relief for producers with significant gas capture, prices remain subdued historically, continuing to emphasize the economic driver of crude oil in the Williston Basin.
The current price environment, with WTI sustaining a level above $80, is generally supportive for continued drilling and completion activity in North Dakota. However, the wider differential directly impacts operator cash flows and can influence decisions on well turn-in-lines and workovers. Operators with strong hedging programs may be less exposed to daily differential fluctuations.
Market analysts note that price movements remain contained within a recent range as traders balance the supportive structure from OPEC+ supply management against inventory data and macroeconomic indicators. The market is awaiting fresh U.S. inventory data from the Energy Information Administration for further direction.
For royalty owners and service companies in the region, stable oil prices in the low-$80s for WTI help maintain a predictable economic backdrop. The health of the Bakken oil patch is closely tied to these benchmark prices, even as local differentials and pipeline takeaway capacity play a critical role in the final realized price.
Source
Bakken Wire Live Price Data
