** Oil Prices Hold Steady as WTI, Brent See Modest Gains; Bakken Discount Narrows
** Crude benchmarks inch higher amid mixed signals from global markets and supply dynamics, with Bakken differential improving slightly against WTI.
BODY: Oil prices showed minimal movement in Wednesday's trading session, maintaining levels seen in recent days as market participants weighed geopolitical tensions against broader economic indicators.
The benchmark West Texas Intermediate (WTI) crude contract for July delivery edged up $1.36, or 1.33%, to settle at $100.82 a barrel. The Brent crude contract for the same month gained $2.38, or 2.21%, to close at $105.39.
Natural gas prices also saw an increase, with the front-month contract rising $0.02 to settle at $2.86 per million British thermal units.
In the Bakken region, the discount for Bakken-grade crude at the Clearbrook, Minnesota hub tightened slightly. It was quoted at $-3.42 per barrel below WTI, according to pricing data, compared with $-4.00 differential reported in recent sessions.
The modest gains come as analysts begin to publish longer-term forecasts. In a note released Wednesday, J.P. Morgan analysts outlined their first oil price targets for the coming two months, according to a report from Rigzone. The bank cited the onset of the [U.S.-Iran conflict as a key factor, while also stating it had deliberately refrained from publishing specific figures until now.
For operators and royalty owners in the Bakken, the primary oil-producing region of North Dakota, stable-to-higher headline prices coupled with a narrowing differential are positive signals. The price environment continues to support drilling activity and well economics in the formation.
Market observers are monitoring several factors, including global inventory levels, the pace of demand recovery, and ongoing geopolitical developments, which are expected to drive volatility in the coming weeks.
TAGS: oil-prices, wti-crude, brent-crude, bakken-differential, natural-gas, energy-markets, north-dakota **
Source
** Price data from live market feeds. Context from Rigzone article "JP Morgan Publishes First Oil Price Forecast in Two Months," published May 13, 2026.
