WTI Holds Near $91.50, Bakken Discount Widens Amid Shifting Global Trade

Front-month WTI crude futures held steady at $91.48 per barrel on Monday, September 7, 2026, unchanged from Friday's settlement. Global benchmark Brent crude was also flat at $96.28. The price for Bakken crude at the wellhead, however, traded at a discount of $3.42 per barrel below WTI.

The steady benchmark prices mask significant shifts in global crude flows, according to a report from OilPrice.com. The outlet reported that Chinese oil import demand is rising from a decade-low, driving up prices for crudes from Canada, South America, and Africa. China, the world's top crude importer, is specifically boosting imports of African and American grades as Iranian supply has dried up following a re-imposed U.S. blockade.

One indicator of the tightness for specific grades: Djeno crude from Congo is being offered at a premium of $20 per barrel over ICE Brent, up from a $15 premium two weeks ago, anonymous traders told Bloomberg. Asian refiners have also bought cargoes of Argentina's Medanito crude, which is comparable to WTI.

Despite this rebound, OilPrice.com notes that Chinese crude imports, estimated at 7.3 million barrels per day in August, remain well below pre-war levels of 11-12 million bpd. The report states Beijing can afford to be selective in purchases due to an estimated 1.4 billion barrels of crude in commercial and strategic storage.

For Bakken operators, the widening local differential to -$3.42 versus WTI suggests regional logistical or quality factors are pressuring the realized price for their barrels, even as global benchmarks find support. The increased Chinese appetite for "American grades" cited in the report could provide longer-term support for U.S. exports, though the Bakken's discount indicates it is not currently among the most sought-after foreign crudes in this specific trade shift.

Natural gas prices, often a byproduct concern for Bakken producers, were quoted at $2.98 per MMBtu on Monday.