Bakken Crude Strengthens as Refineries Ramp Up After Maintenance
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Bakken light crude strengthened on the spot market as refineries ramped up operation after seasonal maintenance.
The grade reached a four-week high against the benchmark West Texas Intermediate. Refinery utilization rates in PADD 2, or the U.S. Midwest, rose by 2.6 percentage points to 96.1 percent of capacity last week, according to data released today by the Energy Information Administration. The rates typically decline seasonally as plants perform maintenance before the start of winter.