Thursday, October 23, 2014
Stockpiles of Alaska oil stranded at Valdez port awaiting transport
Barrels of oil from Alaska’s North Slope are piling up as tanker maintenance slows loading, forcing the U.S. crude to trade at a discount for the first time since 2010.
Stockpiles of oil at the Valdez terminal, the loading point for Alaskan oil, have averaged 4.38 million barrels this month, the most for October since 2009, according to the Alaska Revenue Department’s website show.
Tanker repairs have diminished the pool of available ships, said terminal operator Alyeska Pipeline Service Co.
As refiners on the U.S. West Coast turn elsewhere for supplies, prices of oil from the North Slope may be further devalued, as California brings in a record volume of oil from other states, as well as from Saudi Arabia and Iraq.
Alaskan oil "is cheap and there’s a lot of it because it’s sitting in Valdez," David Hackett, president of energy consulting company Stillwater Associates in Irvine.
For more of the Bloomberg story: www.bloomberg.com
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