Oil Prices Surge Over 5% as U.S. Crude Inventories Tighten

Crude oil prices surged by more than 5% on Thursday, September 10, 2026, with West Texas Intermediate (WTI) settling at $101.59 per barrel, according to live market data. The rally was driven by a reported tightening of U.S. commercial crude inventories.

The U.S. Energy Information Administration (EIA) reported that commercial crude oil stockpiles fell by 400,000 barrels for the week ending September 4, bringing inventories to 424.1 million barrels, according to OilPrice.com. This places stockpiles on par with the five-year average for this time of year, signaling a balanced-to-tight market.

The price gains were substantial. WTI crude increased by $5.54, or 5.77%, to $101.59. The global benchmark, Brent crude, rose $5.69, or 5.62%, to $106.90 per barrel. OilPrice.com noted that Brent was up roughly $12 per barrel from the same time last week, while WTI was up about $11.

For Bakken operators, the price rally is amplified by a relatively narrow regional differential. The Bakken crude price differential was reported at -$3.42 versus WTI on Thursday. This means Bakken barrels are priced at approximately $98.17 per barrel, a strong netback that directly benefits wellhead economics and royalty owners in North Dakota.

The EIA data provided a mixed picture of product markets. While crude stocks drew down, gasoline inventories rose by 1.3 million barrels and distillate inventories increased by 2.1 million barrels. However, distillate stocks remain 13% below the five-year average, according to OilPrice.com. Total U.S. oil demand, measured as "products supplied," averaged 20.1 million barrels per day over the last four weeks, down 3.7% year-over-year.

Natural gas prices showed little movement, holding steady at $2.80 per MMBtu with a minor decline of $0.02. This stability in gas prices contrasts with the sharp move in the oil complex.

The significant weekly price increase, combined with the year-on-year strength noted in the related report, points to underlying market firmness. The draw in crude inventories against the five-year average is a key fundamental driver for the day's rally. For Bakken producers, sustained prices above $100 for WTI, coupled with a differential under $4, create a highly favorable revenue environment, likely supporting continued drilling and completion activity in the Williston Basin.