Bismarck, ND – North Dakota’s oil prices are starting to rebound.
The department of Mineral Resources announced November production numbers Tuesday. Production for oil and gas is down compared to the record high’s set in October. But North Dakota Light Sweet is now worth more. Just a month ago, it was selling for a steep discount due to an over-supply of oil in the Midwest.
“As industry moved out of November into December, that started to normalize. It still took a good month or so for the industry to work through a backlog of crude that had been moved into that region and put into storage,” Director of the North Dakota Pipeline Authority Justin Kringstad said.
According to Flint Hills Resources, the price of North Dakota Light Sweet Crude has gone up $13 in the past month.