The Traderszone Network

Published in TZ Latest News 9 June, 2015 by The TZ Newswire Staff

Disappearing Bakken oil discount adds to output slowdown signs

Oil traders scrambling to secure crude in the U.S. Midwest have pushed North Dakota’s Bakken to a near premium for the first time in two years, a rally stoked by record refinery runs and an unprecedented slump in Canadian imports. The buying frenzy pushed Bakken delivered at Clearbrook, Minnesota (WTC-BAK), to trade just 35 cents a barrel below the West Texas Intermediate benchmark last week, dealers say, the narrowest discount since July 2013. There are other compelling reasons for Bakken crude’s relative strength, to be sure.