Bakken Declines Against WTI With Calumet Refinery Work StartedEliot Caroom
Oil from the Bakken shale formation sold at Clearbrook, Minnesota, traded at the lowest level in more than three months as domestic crudes lost ground against the benchmark West Texas Intermediate.
Bakken weakened by 25 cents a barrel to a discount of $3.75 against WTI at 1:46 p.m. in New York, the widest discount since Jan. 17, according to data compiled by Bloomberg.
Calumet Specialty Products Partners LP’s Superior, Wisconsin, refinery is performing plantwide maintenance planned to last three weeks. The 45,000-barrel-a-day refinery processes light and heavy crude from the Bakken formation in North Dakota and from western Canada, according to a company filing.
Oils produced in the U.S. Gulf Coast weakened against WTI as it trimmed its discount to Brent by 67 cents a barrel to $10.46 at 2:02 p.m. New York time.
Heavy Louisiana Sweet weakened 55 cents to $10.60 over WTI. Light Louisiana Sweet’s premium sank 55 cents to $11.60.
Poseidon’s premium weakened 30 cents to $5.90. Southern Green Canyon lost 20 cents to a $4.90 premium. Mars Blend weakened by 60 cents to $6 over the benchmark.
The premium for Thunder Horse, which has a lower sulfur content than Mars, Poseidon and Southern Green Canyon, was unchanged at $8.90 a barrel.
Premiums for Eugene Island crude and Bonito Sour gained 10 cents a barrel to $8.85 over WTI.