Bakken Drops to Lowest Since February as Domestic Crudes FallEliot Caroom
Bakken oil sold at Clearbrook, Minnesota, traded at the lowest level in almost two months as domestic crudes lost ground against the benchmark West Texas Intermediate.
Bakken weakened by $1 a barrel to a discount of $3.50 against WTI at 2 p.m. in New York, the widest discount since Feb. 27, according to data compiled by Bloomberg.
Heavy Louisiana Sweet lost $1.60 to trade at a premium of $11.50 a barrel over WTI. Light Louisiana Sweet weakened 80 cents to a premium of $12.
Poseidon’s premium weakened 35 cents to $6.20 a barrel. Southern Green Canyon lost 55 cents to a $5.10 premium. Mars Blend weakened by 25 cents to $6.55 a barrel over the benchmark.
The premium for Thunder Horse, which has a lower sulfur content than Mars, Poseidon and Southern Green Canyon, lost 35 cents to trade at $8.90 a barrel.
Premiums for Eugene Island crude and Bonito Sour weakened by 85 cents a barrel to $8.75 over WTI.