Oil Prices Surge Past $104, Bakken Spread Narrows

West Texas Intermediate crude oil surged past $104 per barrel on Saturday, October 31, 2026, providing a strong price signal for Bakken Shale producers. WTI settled at $104.12, a gain of $2.12 or 2.08% for the day, according to live price data. The global benchmark Brent crude rose even more sharply to $113.43, up $2.63 or 2.37%.

The price rally coincides with a report that the oil industry is seeing massive financial gains from elevated fuel prices. According to Rigzone, Big Oil reaped more than $50 billion in windfall profits, with the specific figure cited as over $56 billion. The report, published October 31, 2026, attributed the profits to spiking fuel prices.

For operators in the North Dakota Bakken formation, the price increase is amplified by a relatively narrow differential to the WTI benchmark. The Bakken differential was reported at -$3.42 versus WTI. This means Bakken crude is priced at approximately $100.70 per barrel at the wellhead, a highly profitable level that supports continued drilling and completion activity in the state's core oil-producing region.

The simultaneous rise in both major benchmarks suggests a broad-based market rally. While specific catalysts from the provided sources are limited to the profit report, such significant daily gains often reflect concerns over supply tightness or geopolitical tensions impacting global crude flows. The strength in Brent, which typically trades at a premium to WTI, indicates robust international demand.

In contrast to the crude oil rally, natural gas prices showed slight weakness. The natural gas price was $2.9, down $0.05 for the day. This divergence highlights the different market fundamentals for oil versus natural gas, with oil demand and prices remaining strongly supported.

The reported $56 billion industry windfall, according to Rigzone, underscores the financial environment created by sustained high commodity prices. For Bakken operators, this translates into strong cash flows, which can fund shareholder returns, debt reduction, and selective capital investment in the basin. The current price level well above most operators' breakeven costs ensures economic viability for both new and existing wells.

The midday price action solidifies a strong end to the trading week for oil markets, directly benefiting North Dakota's oil economy, royalty owners, and state tax revenues.