Suppose neither supply excess nor demand reduction took place in the time period relevant?
Just as an FYI for ppl, NoDak does not get WTI’s price.
If oil is priced at $65, NoDak gets $16 less, per the NoDak Industrial Commission’s tracking of Bakken sweet. It was recently quoted at $58 on a day when WTI was $74.
With WTI now at $65, NoDak producers get $49/barrel.
The entire field will fold and close. Quickly. Suppliers will cut them off rather than get stiffed.