Title : Bakken Crude Differentials Soar On Widening Brent-WTI Spread -- Platts -- May 30, 2018 -- Williston Bbls Rise To Parity With Clearbrook For First Time
link : Bakken Crude Differentials Soar On Widening Brent-WTI Spread -- Platts -- May 30, 2018 -- Williston Bbls Rise To Parity With Clearbrook For First Time
Bakken Crude Differentials Soar On Widening Brent-WTI Spread -- Platts -- May 30, 2018 -- Williston Bbls Rise To Parity With Clearbrook For First Time
This is a "keeper." The entire article has been archived. A must-read for anyone interested in the Bakken.Platt's link here.
Bakken crude differentials soar on widening Brent-WTI spread Houston (Platts)--30 May 2018 615 pm EDT/2215 GMT.
Bakken crude differentials for delivery in July rose sharply Wednesday to multi-month highs, flipping to a premium to the NYMEX WTI calendar-month average amid further widening Brent-WTI crude spreads, with Williston barrels rising to parity with Clearbrook for the first time.
Bakken had a very active spot market, with differentials heard going up continually throughout the day. [A reminder: CLR is not hedged.]Much, much more at the link.
"This is pretty wild," a market source said.
Sources cited the further widening Brent-WTI spread, which rose above $9/b during the day, as the primary driver of the rally, giving the incentive to ship Bakken barrels south to the US Gulf Coast. S&P Global Platts assessed the July-delivered crude spread at $9.52/b -- the highest in more than three years.
Close to the oil wells in North Dakota, Williston-origin barrels for rail transport were heard traded as high as NYMEX WTI CMA plus 25 cents/b, a steep rise of $2.20/b from Tuesday's assessment. This was the highest differential since November 11, when it was assessed at NYMEX front-month WTI CMA plus 35 cents/b.
Williston barrels for delivery on the Dakota Access Pipeline were heard traded as high as NYMEX WTI CMA plus 20 cents/b.
Bakken crude in the Clearbrook, Minnesota, hub that supplies the Midwest market, meanwhile, was talked valued at a rare parity with Williston barrels, equivalent to a rise of $1.45/b day on day. This was the first time Williston barrels rose to parity with Clearbrook since S&P Global Platts started assessing the former in April 2014.
This might be a good time to write a thank you letter to Judge James Boasberg and all those who supported the DAPL.
Meanwhile, the Canadians are still trying to figure out how to get their landlocked bitumen out of Alberta, what with continuing challenges with the Keystone XL; Enbridge Line 3; Energy East pipeline; Trans Mountain.
Disclaimer: this is not an investment site. Do not make any investment, financial, job, travel, or relationship decisions based on anything you read here or think you may have read here.
Other sites of interest:
- daily Bakken spot price
- WTI-Brent spread
- the Bakken-WTI-Brent spread back in 2012 (I have no idea what the photograph at the linked article has to do with the story)
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