Oct. 11 (Bloomberg) -- U.S. Gulf crude premiums increased as the discount for West Texas Intermediate versus Brent widened.
The gap between WTI and Brent November contracts increased $1.38 to $24.92 a barrel in New York. The spread settled Sept. 6 at a record margin of $26.87.
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 $1.10 to $28.35 a barrel at 4:11 p.m. in New York, according to data compiled by Bloomberg. Light Louisiana Sweet gained $1.80 to $28.05.
Among sour, or high-sulfur, grades, the premium for Mars Blend grew 85 cents to $24.10 a barrel while Poseidon strengthened 90 cents to $23.65 a barrel over WTI.
Southern Green Canyon’s premium increased $1.25 to $23 a barrel and West Texas Sour’s discount narrowed 10 cents to 70 cents a barrel below WTI. Thunder Horse’s premium increased 40 cents to $26.50 above the benchmark.
The premium for Syncrude was unchanged at $8.80 a barrel. Syncrude is a light, low-sulfur synthetic oil derived from the tar sands in Alberta.
The discount for Western Canada Select narrowed 80 cents to $10 a barrel.
--Editors: Bill Banker, Richard Stubbe
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