Bakken Crude Weakens as Enbridge Flows Into Clearbrook ResumeDan Murtaugh
Bakken oil on the spot market weakened after Enbridge Inc. restarted the pipeline that takes the crude to its pricing point in Minnesota from fields in North Dakota and Montana.
Enbridge Inc. restarted Line 81, which can carry as much as 210,000 barrels a day into Clearbrook, Minnesota, on May 4, said Larry Springer, a Houston-based spokesman for the company. Enbridge shut the line May 2 after crews discovered contaminated soil near the pipe in North Dakota during an integrity inspection.
Bakken oil in Clearbrook weakened by 75 cents to $4.75 a barrel below West Texas Intermediate in Cushing, Oklahoma, at 12:07 p.m., according to data compiled by Bloomberg. It’s the widest discount for the crude since Jan. 14. The spread weakened by $1 to $5.50 a barrel, according to Calgary oil broker Net Energy Inc.
Bakken production in North Dakota increased 6.2 percent to 715,150 barrels a day in February, according to the state Industrial Commission. The Enbridge line is the only pipeline out of the Bakken region. About 71 percent of crude production from the formation left North Dakota by train in February, according to the North Dakota Pipeline Authority.