Bakken Crude Weakens After State Reports Record Production
Bakken crude weakened as North Dakota regulators reported record production in August.
Bakken oil delivered at a pipeline hub in Clearbrook, Minnesota, fell 60 cents to a $12.35-a-barrel discount to U.S. benchmark West Texas Intermediate at 12:33 p.m. in New York, according to Calgary oil broker Net Energy Inc.
North Dakota’s portion of the Bakken produced 847,150 barrels a day in August, according to data released today by the state Industrial Commission. Production rose 4.3 percent from the previous high in July. Total oil output in the state increased to 911,242 barrels a day.
More crude also left the state by pipeline, according to the North Dakota Pipeline Authority. About 282,000 barrels a day of crude left the state by pipe, the highest level since October.
About 559,000 barrels, or 61 percent of the state’s production, left by rail. That’s the lowest percentage since December.
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