June 14 (Bloomberg) -- Bakken oil priced in Clearbrook, Minnesota, dropped after North Dakota regulators reported that production from the shale formation set a new record in April.
Bakken at Clearbrook fell 75 cents a barrel to a premium of $2.25 over domestic benchmark West Texas Intermediate at 4:33 p.m., according to data compiled by Bloomberg.
“It’s strange when you set all kinds of new records and call it more of the same, but that’s North Dakota these days,” said Lynn Helms, director of the state Mineral Resources Department.
The premium for Clearbrook Bakken over the Plains Marketing LP posted price for Williston Basin Sweet Crude fell 57 cents to $14.68 a barrel at 2:01 p.m., according to data compiled by Bloomberg. Earlier in the week, it reached the highest level since Dec. 20 as Bakken shipments by rail increased.
“Things have been changing in the last several weeks,” said Justin Kringstad, director of the North Dakota Pipeline Authority. “We may start to see barrels come off railroads and into the pipeline system.”
Gulf crudes declined against WTI. Light Louisiana Sweet slipped 35 cents to a premium of $8.90. Heavy Louisiana Sweet’s premium fell 25 cents to $9.
The premium for Thunder Horse, which has a lower sulfur content than Mars, Poseidon and Southern Green Canyon, weakened by 10 cents to $5.75 a barrel.
Southern Green Canyon strengthened by 25 cents to a $2 premium. Mars Blend’s premium to WTI was unchanged at $2.90 a barrel.
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