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Nov. 25 (Bloomberg) -- The premiums for Light Louisiana Sweet and Heavy Louisiana Sweet oils weakened as the West Texas Intermediate-Brent spread narrowed.
The January WTI-Brent spread narrowed to $9.63 a barrel from $11.61 yesterday. The gap for the contracts has narrowed by 65 percent since reaching a record of $27.88 a barrel Oct. 14.
When Brent decreases versus WTI, it weakens the value of low-sulfur U.S. grades that compete with West African oil priced against the European benchmark.
Light Louisiana Sweet’s premium to WTI decreased 55 cents to $11.25 a barrel at 2:01 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet’s premium narrowed 50 cents to $12.50.
Thunder Horse’s premium to WTI narrowed $1.85 to $8. The premium for Mars Blend added 80 cents to $9.25 a barrel. Poseidon strengthened 50 cents to $9.50 a barrel over WTI.
Southern Green Canyon’s premium increased 15 cents to $8 a barrel and West Texas Sour’s discount widened 20 cents to 90 cents.
The discount for Western Canada Select was unchanged at $12.60 a barrel.
Syncrude’s premium was unchanged at $3.75 a barrel. Syncrude is a light, low-sulfur synthetic oil derived from the tar sands in Alberta.
--Editors: Richard Stubbe, Charlotte Porter
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