Bakken Crude Weakens Against WTI for First Time in Eight DaysEliot Caroom
Crude from the Bakken shale formation weakened for the first time in eight days against U.S. benchmark West Texas Intermediate.
Bakken fell $1 a barrel to a premium of $2.50 a barrel over WTI at 1:50 p.m. New York time, according to data compiled by Bloomberg. It had risen $8.50 a barrel since June 3, swinging from a $5 discount to a $3.50 premium.
Oils produced in the Gulf Coast weakened against WTI. Heavy Louisiana Sweet shrank by 50 cents a barrel to a premium of $9.25 a barrel over WTI, and Light Louisiana Sweet gained 10 cents to a $9.25 premium.
Southern Green Canyon lost 25 cents a barrel to a $1.75 premium over WTI.
Poseidon’s premium fell 35 cents to $2.25 a barrel and Mars Blend fell 40 cents to $2.90 over WTI. Thunder Horse slipped 20 cents to a premium of $5.85.