Permian Basin light sweet crude WTI Midland fell to its lowest level in more than three and a half years Tuesday, with rising production and limited takeaway capacity pushing down the grade’s differential. On Tuesday, S&P Global Platts assessed WTI Midland at WTI cash minus $8.35/b on trade data heard, down $2.25/b compared with Monday’s assessment. Tuesday’s differential is the lowest assessment for WTI Midland since August 26, 2014, when the differential dropped to minus $9/b. Earlier in the day, the grade had traded as low as minus $11/b before slightly recovering by the early afternoon to its assessed value. Permian sour grade WTS Midland also fell to a multi-year low, dropping $2.80/b day on day to be Tuesday assessed at WTI cash minus $9/b, its lowest differential since January 25, 2013’s minus $17.50/b. RISING PRODUCTION PRESSURES DIFFERENTIALS Permian Basin oil production is forecast to increase 1.2 million b/d […]