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Energy Insights: Energy News: Bakken Crude Weakens After State Reports Record Production

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Bakken Crude Weakens After State Reports Record Production


18-10-2013

By Dan Murtaugh & Eliot Caroom


Bakken crude weakened as North Dakota regulators reported record production in August.

Bakken oil delivered at a pipeline hub in Clearbrook, Minnesota, fell 60 cents to a $12.35-a-barrel discount to U.S. benchmark West Texas Intermediate at 12:33 p.m. in New York, according to Calgary oil broker Net Energy Inc.

North Dakotaís portion of the Bakken produced 847,150 barrels a day in August, according to data released today by the state Industrial Commission. Production rose 4.3 percent from the previous high in July. Total oil output in the state increased to 911,242 barrels a day.

More crude also left the state by pipeline, according to the North Dakota Pipeline Authority. About 282,000 barrels a day of crude left the state by pipe, the highest level since October.

About 559,000 barrels, or 61 percent of the stateís production, left by rail. Thatís the lowest percentage since December.

Enbridge Inc. (ENB)ís Line 81 can carry 281,000 barrels a day into Clearbrook, where it connects with the companyís Mainline system that can transport crude to the Chicago area and Cushing, Oklahoma.

To contact the reporters on this story: Dan Murtaugh in Houston at dmurtaugh@bloomberg.net; Eliot Caroom in New York at ecaroom@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

www.bloomberg.com

 

 

 

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