Oil Prices Rebound After Election-Day Selloff

Oil prices moved higher Thursday after a sharp election-day decline, according to live market data and a Rigzone report citing Saxo Bank.

WTI crude was trading at $89.50, up $1.38, or 1.57%. Brent crude was at $96.97, up $2.35, or 2.48%. Natural gas was at $2.95, down $0.01.

The Bakken differential was listed at -$3.42 versus WTI. The Brent-WTI spread was $7.47, with Brent trading at a premium to the U.S. benchmark.

The only immediate context provided in the source material concerned the prior day. Rigzone reported that Saxo Bank highlighted that oil prices “tumbled” eight percent yesterday following the U.S. midterm elections.

The live prices show WTI and Brent rising Thursday after that drop. The Brent-WTI spread is a common reference point for global crude markets, but the live data did not provide further context for today’s move.

For Bakken producers, the key question is how the benchmark move and the regional discount affect wellhead revenue. The Bakken differential of -$3.42 against WTI implies a Bakken crude reference price of $86.08, based on the live WTI quote.

That spread matters in North Dakota’s primary oil-producing region, where operators sell crude that may not fetch the same price as the national WTI benchmark. A higher WTI price generally improves the revenue environment for oil producers, especially if the gain offsets prior weakness.

But the Bakken discount means operators and royalty owners receive less per barrel than the headline WTI number. If the discount widens, it can erode wellhead value even when benchmark prices rise.

If it narrows, it can amplify the benefit of a higher benchmark. The flat-to-slightly-lower natural gas price was $2.95, down $0.01, offering little near-term support to gas producers in the Williston Basin.

For Bakken operators with associated gas production, a steady gas price can help keep the overall production package more balanced, particularly when crude prices are volatile. The market’s reaction to the U.S. midterm elections, as reported by Rigzone citing Saxo Bank, underscores how political outcomes can move crude prices quickly.

That volatility is relevant to Bakken operators, royalty owners and North Dakota producers because daily price swings can affect hedging decisions, cash flow timing and the economic threshold for drilling activity. The live data shows a rebound in crude benchmarks Thursday, while the Bakken differential remains negative.

For North Dakota producers, the practical takeaway is that benchmark strength alone does not determine realized revenue. The regional discount and natural gas price continue to shape what flows from wellhead to royalty checks.