Oil Prices Mixed as Bakken Discount Holds; Brent Gains on Supply Concerns

Oil benchmarks showed a split performance on Wednesday, with West Texas Intermediate (WTI) crude holding steady and Brent crude posting gains. The mixed movement comes amid forecasts for rising U.S. stockpiles and ongoing geopolitical tensions affecting global supply routes.

As of midday Wednesday, August 5, 2026, front-month WTI was trading at $75.75 per barrel, down two cents from the prior settlement. The international benchmark Brent crude traded at $79.74, a gain of 38 cents, according to live price data. The price for Bakken crude at the Clearbrook, Minnesota, hub held a discount of $3.42 per barrel below WTI.

The slight decline in WTI reflects market anticipation of another build in U.S. commercial inventories. Analysts at Macquarie strategists revealed that they are forecasting that U.S. crude inventories will be up for the week ending July 31, according to Rigzone. Such builds typically weigh on the U.S. benchmark price.

In contrast, Brent's strength points to tighter global supply considerations. This follows a recent sell-off where Brent settled at a three-week low on Tuesday, as Rigzone reported that oil prices tumbled as hopes for a US-Iran agreement raised expectations that shipping through the Strait of Hormuz could resume more normally. Wednesday's partial rebound suggests those expectations may be moderating or that other supply factors are supporting prices.

For Bakken producers, the steady but narrow discount to WTI provides a stable pricing environment for local crude. A Bakken differential near -$3.42 is within a typical range for the grade, which must account for transportation costs to major refining hubs. However, any sustained increase in U.S. inventories could widen that discount by increasing domestic supply pressure, potentially squeezing operator margins.

Natural gas prices saw minimal movement, trading at $2.67 per MMBtu, down one cent. Low natural gas prices continue to provide little incentive for increased gas-directed drilling in the Bakken, where production is primarily oil-linked.

The day's price action underscores the competing narratives influencing the market: ample U.S. supply versus uncertain global flows. Bakken operators will watch for the official U.S. Energy Information Administration inventory report tomorrow to confirm the forecasted build, which will be a key driver for near-term WTI and local differential pricing.