Oil Prices Fall Midday Thursday as Bakken Differential Holds Steady

Oil prices traded lower on Thursday, July 2, 2026, with West Texas Intermediate (WTI) crude falling 1.2 percent to $67.76 per barrel. The international benchmark Brent crude declined 1.05 percent to $70.82.

The Bakken crude differential to WTI was holding at a discount of $3.42 per barrel. This pricing is critical for North Dakota producers as it determines the netback value of oil extracted from the Williston Basin.

The price decline occurred despite supportive inventory data from the U.S. Energy Information Administration. According to a report from Rigzone, U.S. commercial crude oil stocks, excluding the Strategic Petroleum Reserve, fell by almost 4 million barrels for the week ending June 26. Stocks stood at 408.4 million barrels, according to the EIA's latest weekly petroleum status report.

Natural gas prices also saw a slight decrease, with the benchmark trading at $3.18, down $0.04. The broader outlook for natural gas was a topic of discussion in the energy industry this week. Rigzone reported that executives from oil and gas firms provided their predictions for future Henry Hub natural gas prices in the second quarter Dallas Fed Energy Survey.

For Bakken operators, the current price environment presents a mixed picture. The draw in crude inventories suggests ongoing demand or supply adjustments, but the day's price drop indicates market concerns may be outweighing that fundamental support. The stable Bakken differential near $3.42 below WTI provides predictable, though discounted, pricing for local crude streams.

The midday price movement underscores the sensitivity of the oil market to broader economic indicators and geopolitical factors, even in the face of tightening physical supplies. North Dakota producers monitor these swings closely as they impact wellhead economics and drilling decisions across the play.