WTI Slips Below $91 as Bakken Differential Widens to -$3.42
U.S. crude inventory draw provides some support, while a major competitor's low-cost potential highlights market pressures.
West Texas Intermediate crude oil prices edged lower in midday trading Friday, September 4, 2026, while the discount for Bakken crude widened. WTI was trading at $90.9 per barrel, down $0.44 (-0.44%), according to live price data. The international benchmark Brent crude was marginally higher at $95.58.
The price for Bakken-quality crude at the Clearbrook, Minnesota, hub was trading at a $3.42 per barrel discount to WTI, a weakening from recent levels. Natural gas prices saw a modest gain, up $0.05 to $2.96 per MMBtu.
A weekly drawdown in U.S. commercial crude inventories provided underlying market support. According to Rigzone, citing the latest U.S. Energy Information Administration weekly petroleum status report, crude oil stocks, excluding the Strategic Petroleum Reserve, stood at 424.5 million barrels as of August 28.
However, news highlighting the rise of a major international shale competitor may be applying longer-term pressure. A separate Rigzone report detailed that Argentina's Vaca Muerta formation is estimated to hold 9 billion barrels of oil resources that can be produced below $55 per barrel. Andy McConn, a director at the cited energy research firm, stated that "Vaca Muerta's growth potential and low-cost competitiveness are a rare combination in today's upstream market."
For Bakken operators, the midday price action presents a mixed picture. The absolute price of WTI near $91 remains supportive for drilling and completion activity in North Dakota. However, the widening Bakken differential directly reduces the netback for barrels produced in the region, squeezing margins. The expanding discount can be influenced by local pipeline constraints, refinery demand, and competition from other inland crudes.
The emergence of a massive, low-cost resource base like Vaca Muerta underscores the global competitive landscape for shale oil. While not an immediate market mover, the scale and economics of such resources can influence long-term investment flows and place a ceiling on prices, challenging higher-cost basins to continuously improve efficiency.
The midday price weakness suggests traders are balancing the supportive U.S. inventory data against broader macroeconomic concerns and the steady influx of global supply, including from low-cost rivals.
Source
Live price data; Rigzone reports on U.S. crude stocks and Vaca Muerta resources published September 4, 2026.
