Oil Prices Rally Over 1.5% Amid Supply Concerns, Bakken Differential Steady

Oil prices climbed more than 1.5% in midday trading Thursday, with West Texas Intermediate (WTI) crude leading gains. The rally provides immediate revenue uplift for operators in North Dakota's Bakken formation.

As of midday Thursday, June 25, 2026, WTI crude was trading at $71.54 per barrel, a gain of $1.20 or 1.71%. The global benchmark, Brent crude, rose $1.14 to $75.01 per barrel, a 1.54% increase. Natural gas futures also edged higher, adding $0.03 to reach $3.29 per MMBtu.

For Bakken producers, the key local price benchmark showed relative stability. The Bakken differential—the discount at which Bakken crude sells compared to WTI at the Cushing, Oklahoma hub—was recorded at -$3.42. This implies a Bakken wellhead price of approximately $68.12 per barrel based on the midday WTI quote.

The midday price surge is largely attributed to ongoing supply-side concerns in the market. Persistent geopolitical tensions in key oil-producing regions and continued production discipline from OPEC+ nations are underpinning the market, according to general industry analysis. These factors are counterbalancing worries over global economic growth and its potential impact on fuel demand.

The steady differential is a positive sign for Bakken operators, indicating that strong regional takeaway capacity and pipeline infrastructure are efficiently moving crude to market without significant bottlenecks. A stable discount helps producers with budgeting and hedging decisions.

The price rally, if sustained through the settlement, would mark a significant one-day gain, improving cash flow for producers across the Williston Basin. Every dollar increase in the price of oil directly impacts the profitability of wells, particularly for operators with high drilling and completion costs.

The concurrent rise in natural gas prices offers a marginal benefit for Bakken operations, which produce significant associated gas. However, the gas price remains a secondary factor to crude oil in determining the economic viability of most Bakken wells.

Market participants will be watching for the U.S. Energy Information Administration's weekly petroleum status report for further inventory data, which can significantly influence afternoon price direction. For now, the midday momentum favors producers.