Oil Prices Mixed as WTI Slightly Dips, Bakken Differential Widens

Front-month WTI crude oil futures traded at $91.20 per barrel on Friday, September 4, down 11 cents on the day, according to live price data. In contrast, global benchmark Brent crude rose 27 cents to $95.79. The Bakken oil price differential weakened, trading at a discount of $3.42 per barrel below the WTI benchmark.

The modest divergence between the two primary oil benchmarks comes amid a relatively quiet trading session ahead of the weekend. Market participants are largely in a holding pattern, awaiting the next policy decision from the OPEC+ producer alliance. The group's supply management has been a key driver of price stability throughout 2026.

Natural gas prices showed more pronounced strength, with the front-month contract adding 3 cents to reach $2.94 per MMBtu. This continues a recent trend of steady gains for the commodity.

For Bakken producers, the primary focus remains on the region's differential—the discount at which Bakken crude sells compared to the WTI price at the Cushing, Oklahoma hub. A wider discount directly impacts the netback price received at the wellhead, squeezing operator margins. Friday's differential of -$3.42 represents a headwind for North Dakota producers, though it remains within a range seen over recent months.

The stability in the overall oil complex, with WTI holding above the $91 mark, provides a supportive backdrop for drilling and completion budgets in the Williston Basin. Sustained prices at this level are generally seen as conducive to maintaining current activity. However, the expanded local discount means the effective price for Bakken barrels is closer to $87.78.

Market analysts note that inventory data, geopolitical events, and forward guidance from major producers like OPEC+ will be critical for price direction in the coming week. Any significant shift in the group's production quotas could quickly reset the market's trajectory. For now, the mixed price action suggests a balanced and cautious outlook among traders.

The performance of natural gas offers a modest positive signal for operators with significant gas production or associated gas in the Bakken, though prices remain below the levels many consider strongly economic for standalone gas-directed drilling.