August 16, 2013: At Bloomberg energy, Brent - $110.04; WTI - $107.75. Spread: $2.29.
Bakken and WTI close to parity.
Based on comments I see elsewhere, I think some folks have forgotten how good things have gotten for the Bakken. From earlier this year; remember Bakken was selling at a discount to WTI at this time:
- February 15, 2013: At Bloomberg energy, Brent - $117; WTI - $95. Spread: $22.
- February 11, 2013: At Bloomberg energy, Brent - $118; WTI - $97. Spread: $21.
- February 6, 2013: At Bloomberg energy, Brent - $118; WTI - $97. Spread: $21.
- February 5, 2013: At Bloomberg energy, Brent - $117; WTI - $97. Spread: $20.
Remember, most Bakken operators can make money at $40/bbl oil. They won't make much money, but they will keep drilling. At $60/bbl they do nicely. Over $100, they can start to get into trouble due to derivatives, hedges if there are glitches in production or transportation.
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