Nov. 23 (Bloomberg) -- Syncrude’s premium to West Texas Intermediate oil narrowed 65 cents to $3.75, the smallest difference since Jan. 31, on expectations supplies will rise after seasonal maintenance.
Repairs on a hydrogen plant at the Syncrude Canada Ltd. oil sands upgrader will be done in December, Canadian Oil Sands Ltd. said in an Oct. 27 statement. The plant makes Syncrude, a light, low-sulfur synthetic oil from the tar sands in Alberta.
Heavy and Light Louisiana Sweet crudes gained versus WTI as the U.S. benchmark narrowed the discount to its European counterpart for the first time in five days.
The spread between January-delivery futures for WTI and Brent, the basis for European and West African crudes, fell to $10.85 a barrel from $11.02 yesterday, based on futures settlement prices.
Heavy Louisiana Sweet’s premium to WTI increased $1.50 to $13 a barrel at 3:12 p.m. in New York, according to data compiled by Bloomberg. Light Louisiana Sweet’s premium widened $1.05 to $11.80 a barrel.
Among the Gulf Coast sour, or high-sulfur, grades, Mars Blend’s premium to WTI fell 20 cents to $8.45 a barrel, the smallest in four days. Poseidon increased 10 cents to $9 over the U.S. benchmark. Southern Green Canyon’s premium fell 40 cents to $7.85 a barrel.
Thunder Horse’s premium to WTI narrowed $1.90 to $9.85 a barrel, the smallest difference in five days.
West Texas Sour’s discount narrowed 45 cents to 70 cents, the smallest since Nov. 10. The discount for Western Canada Select rose 20 cents to $12.60 a barrel.
--With assistance by Aaron Clark in New York. Editors: Bill Banker, Charlotte Porter
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