Continental to export second Bakken cargo
Houston, 15 November (Argus) — Continental Resources said it has sold its second cargo of crude oil from the Bakken field in North Dakota for export.
The company, a key Bakken producer, plans to sell 430,000 bl for January delivery to overseas markets. The transaction will take place at the Cushing, Oklahoma, storage hub, the company said. It did not share details on the buyer or where the cargo was headed.
"We expect steady US production and increasing international sales will drive down US inventories and help correct the recent disparity between Brent and WTI prices," chief executive Harold Hamm said.
The Brent-WTI spread has widened to over $6/bl in recent weeks from about $2/bl earlier in the summer.
Continental last month said it sold its first shipment of Bakken, or 1mn bl for November delivery, to Total, which plans to export the oil to China. Daily sales of 33,500 b/d will take place in Cushing, it said.