Bakken Price Weakens After North Dakota Production Hits New High
Bakken crude on the spot market weakened against West Texas Intermediate as North Dakota regulators said production from the state’s portion of the field increased to a new high in May.
North Dakota’s Bakken field produced 745,399 barrels of crude a day, according to preliminary data from the state’s Industrial Commission. That’s up 2.4 percent from April and 29 percent from May 2012.
Nominations for Enbridge Inc. (ENB)’s Line 81, which can carry 210,000 barrels a day from North Dakota into Clearbrook, Minnesota, exceeded capacity for the first time this year for July shipments, Larry Springer, a Houston-based spokesman, said by e-mail.
Bakken crude priced in Clearbrook weakened by $1.75 to a discount of $3.50 a barrel against WTI at 12:13 p.m., according to data compiled by Bloomberg. It’s the widest discount since June 5.
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