Bakken crude differentials firmed on Dec. 3 to the strongest level in a month, moving alongside rising Canadian prices after Alberta officials mandated oil-production cuts over the weekend, traders said.
Bakken crude for delivery on the Enbridge Inc pipeline at Clearbrook, Minnesota, traded at a $5 per barrel discount to the calendar month average of U.S. crude futures, traders said. That is the strongest since Oct. 24 and up from a $9.40 discount on Nov. 30.
Crude from North Dakota's Bakken shale, the country's third-largest shale oil field, traded at a record $20 discount to U.S. crude last month. Record-breaking oil production has overwhelmed pipelines out of the Bakken and kept prices well below benchmark futures.
Bakken crude's rally followed Canadian crude, after Alberta Premier Rachel Notley said Canada would cut crude production by 8.7%, or 325,000 barrels per day, in an effort to stop producing more crude than can be carried to market by pipeline and rail.
Western Canadian Select (WCS) traded in the low $20 range below U.S. crude futures on Dec. 3, down from the Nov. 30 settle of $32 below the West Texas Intermediate benchmark, according to Shorcan Energy brokers.
Here’s a quicklist of oil and gas assets on the market including Encana Bakken assets and Scoop and Stack leasing opportunities from Panhandle Oil and Gas.
Here’s a snapshot of energy deals from the past week including Energy Transfer’s roughly $5 billion acquisition and a multimillion-dollar all-equity deal by Diamondback’s mineral acquisition subsidiary.
Exxon Mobil Corp. said on Sept. 18 it was looking to sell its 50% stake in the Gippsland Basin oil and gas development in Australia's Bass Strait as part of a broader review of its global portfolio of assets.