Oct. 4 (Bloomberg) -- Western Canada Select and Syncrude oil gained after Enbridge Inc. said it was working to restart its Line 6B crude pipeline following a power failure at a pump station late yesterday.
Repairs are under way and the pipeline, which has a capacity of 283,100 barrels a day and runs from Griffith, Indiana, to Sarnia, Ontario, is may resume service today, Lorraine Little, a company spokeswoman, said in an e-mail.
The discount for Western Canada Select narrowed 50 cents to $10 a barrel at 2:04 p.m. in New York, according to data compiled by Bloomberg.
The premium for Syncrude to West Texas Intermediate crude strengthened 50 cents to $8.25 a barrel. Syncrude is a light, low-sulfur synthetic oil derived from the tar sands in Alberta.
Gulf crudes gained as the premium of Brent oil over WTI widened. When Brent increases versus WTI, it strengthens the value of low-sulfur U.S. grades that compete with West African oil priced against the European benchmark.
Heavy Louisiana Sweet’s premium to WTI widened 65 cents to $27.40 a barrel. Light Louisiana Sweet’s premium added $1.10 to $26.60.
Among sour, or high-sulfur, grades, the premium for Mars Blend added 15 cents to $23.15 a barrel while Poseidon strengthened 40 cents to $22.75 a barrel over WTI.
Southern Green Canyon’s premium added 65 to $22.50 a barrel and West Texas Sour’s discount was unchanged at 90 cents a barrel below WTI. Thunder Horse’s premium increased $1 to $27 above the benchmark.
--Editor: Bill Banker, Dan Stets
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