Alaska North Slope Crude Retreats as November Production RisesEliot Caroom
Alaska North Slope crude on the spot market weakened against West Texas Intermediate for the first time in 11 days after the state reported production in November was the highest since March.
ANS production rose to 556,471 barrels a day last month, more than 20,000 barrels above October’s output, according to the state’s Department of Revenue.
The medium, sour crude used by refiners on the U.S. West coast, sank $1.75 to a premium of $13.25 a barrel more than WTI at 2:15 p.m. New York time, according to data compiled by Bloomberg.
ANS prices declined against WTI after rising by more than $7 a barrel in the past 10 days. It was the biggest decline for the grade since Sept. 16.
On the Gulf Coast, Heavy Louisiana Sweet’s premium to WTI rose 45 cents to $4.75 a barrel, while Light Louisiana Sweet gained 25 cents to a premium of $4.25. Mars Blend’s discount narrowed 75 cents to 65 cents a barrel.
Southern Green Canyon strengthened by $1.95 to a discount of 25 cents a barrel. Poseidon rose 80 cents to $1.50 under WTI.