WTI Holds Above $102 as Bakken Discount Widens

West Texas Intermediate (WTI) crude oil held steady above $102 per barrel on Thursday, October 29, while the discount for Bakken crude widened. WTI settled at $102.79, gaining a marginal one cent, according to live price data. The global benchmark Brent crude traded at $111.45, down 19 cents.

The price for Bakken crude at the Clearbrook, Minnesota, hub was discounted by $3.42 per barrel versus WTI, a wider differential that can impact local operator revenues. Natural gas prices saw a more significant move, falling 13 cents to $2.90 per MMBtu.

The sustained high price environment for oil continues to bolster the financial performance of major producers. According to Rigzone, Sinopec, China's largest oil refiner, posted higher third-quarter profits, attributing the results to elevated oil prices. This follows a trend of strong earnings reports from international oil companies amid prices that have remained robust throughout much of 2026.

For Bakken operators, the current price structure presents a mixed picture. The WTI price firmly above $100 per barrel provides a strong revenue base and supports ongoing drilling and completion activity in the Williston Basin. However, the widening Bakken differential to a discount of over $3 per barrel means the actual sales price for local crude is slightly less competitive, potentially reflecting regional pipeline or takeaway constraints, or weaker demand in specific regional markets.

The stability in WTI prices suggests a balanced market, with geopolitical tensions and OPEC+ production discipline likely providing a floor, while concerns about global economic growth may be capping sharper gains. The dip in natural gas prices highlights the ongoing volatility in the energy complex separate from the crude oil market.

The strong earnings reported by firms like Sinopec underscore the global profitability of the sector at current price levels, which is a positive indicator for the financial health of exploration and production companies operating in North Dakota. Bakken producers will continue to monitor the differential closely, as it directly impacts the netback received for each barrel of oil produced in the region.