Oil Prices Gain Over 1% Midday, Bakken Differential at -$3.42
WTI rises above $84, supported by falling U.S. inventories and geopolitical tensions, while UAE pricing overhaul adds market uncertainty.
Oil prices posted solid gains in midday trading Sunday, with West Texas Intermediate (WTI) crude rising above $84 per barrel. WTI was trading at $84.67, up $1.08 or 1.29%, according to live price data. The international benchmark Brent crude traded at $90.12, a gain of $1.09 or 1.22%.
The price strength follows a strong performance in July. According to Rigzone, Brent crude capped its strongest monthly gain since March as geopolitical conflicts raised concerns about global crude supplies.
Support also comes from a significant drawdown in U.S. commercial inventories. Rigzone reported that U.S. crude oil stocks, excluding the Strategic Petroleum Reserve, fell by more than 7 million barrels week-over-week. The latest Energy Information Administration data showed stocks at 404.5 million barrels for the week ending July 24.
For Bakken producers, the local price benchmark showed a differential of $3.42 below WTI. This means Bakken crude is effectively priced at approximately $81.25 per barrel. Natural gas prices showed little movement, trading at $2.75, down one cent.
A new factor entering the global market calculus is a major pricing overhaul by a key OPEC producer. Abu Dhabi National Oil Co. (ADNOC), the state oil company of the United Arab Emirates, announced it will change how it prices all of its crude oil grades, Rigzone reported on August 1. While the specific details of the new mechanism were not provided, such a shift from a major exporter can influence global price benchmarks and trade flows over time.
The combination of tightening physical supplies, evidenced by the U.S. stock draw, and ongoing geopolitical risk premiums is providing a firm floor for prices. For operators in the Williston Basin, the current price environment above $80 WTI supports cash flow and drilling economics, though the regional discount slightly offsets the benefit.
The market will continue to monitor inventory trends and the potential ripple effects of ADNOC's pricing change, which could affect how Middle Eastern crude competes in global markets, including against U.S. exports.
Source
Live price data, Rigzone (UAE to Overhaul How It Prices All Crude Oil, published Aug 1, 2026; Brent Caps Strongest Month Since March, published Jul 31, 2026; USA Crude Oil Stocks Drop More Than 7MM Barrels WoW, published Jul 31, 2026)
