Bloomberg News

U.S. Gulf Oil Premiums Gain as WTI-Brent Differential Widens

November 29, 2011

Nov. 29 (Bloomberg) -- U.S. Gulf Coast oil premiums to West Texas Intermediate increased as the U.S. benchmark weakened versus European Brent crude.

The January WTI-Brent spread widened 13 cents to $10.92 a barrel in New York. The gap for the contracts has narrowed by 61 percent since reaching a record of $27.88 a barrel Oct. 14.

Light Louisiana Sweet’s premium to WTI increased 95 cents to $12.25 a barrel at 1:57 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet’s premium added 55 cents to $12.75.

Thunder Horse’s premium to WTI widened 50 cents to $10.50. The premium for Mars Blend increased $1 to $8.50 a barrel. Poseidon’s premium weakened 65 cents to $8.40 a barrel over WTI.

Southern Green Canyon’s premium widened 50 cents to $7.75 a barrel and West Texas Sour’s discount was unchanged at 80 cents.

The discount for Western Canada Select widened 5 cents to $12.50 a barrel.

Syncrude’s premium sank 25 cents a barrel to $4.25. Syncrude is a light, low-sulfur synthetic oil derived from the tar sands in Alberta.

--Editors: David Marino, Richard Stubbe

To contact the reporter on this story: Aaron Clark in New York at aclark27@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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