Oil Prices Hold Steady as EIA Cuts Gasoline Forecast

Front-month WTI crude futures traded at $71.51 per barrel on Friday, marking a slight gain of 10 cents, according to live price data. Brent crude was essentially flat at $76.00. The price for Bakken crude at the Clearbrook, Minnesota, hub showed a differential of -$3.42 against WTI, a narrower discount than has been seen in recent weeks.

The marginal price movement comes as the U.S. Energy Information Administration (EIA) revised its gasoline price forecasts lower. In its latest Short-Term Energy Outlook published Thursday, the agency cut its projection for the average U.S. regular gasoline retail price for both 2026 and 2027, Rigzone reported. Lower expected fuel costs for consumers can signal softer-than-anticipated demand or adequate refinery supply, factors that can apply a ceiling to crude oil prices.

Internationally, India is moving to expand its strategic petroleum reserves. The board of the country's largest oil-and-gas producer approved adding 1.75 million tons of capacity at a site in Mangalore, Karnataka, Rigzone reported. Such strategic stockpile expansions by major importing nations can provide underlying support for global crude demand, potentially benefiting exporters including those in the United States.

In other industry news, a small cryptocurrency startup is attempting to get the oil industry to experiment with tokenizing a barrel of oil on a blockchain, according to a separate Rigzone report. While this represents a technological frontier, it is not a current market driver for physical crude prices.

For Bakken operators, the stable price environment near the $71.50 level, coupled with a narrower local differential, supports steady cash flow and operational planning. A differential around -$3.42 improves the netback price received for Bakken barrels compared to when the discount is wider, directly impacting producer economics in North Dakota. The EIA's reduced gasoline price forecast will be monitored for signs of weakening end-user demand that could eventually pressure crude feedstock prices.

Natural gas prices, often a co-product in Bakken wells, saw a minor increase to $2.95 per MMBtu. Continued low natural gas prices remain a headwind for the economics of gas production in the region.