Dec. 1 (Bloomberg) -- Syncrude’s premium to U.S. West Texas Intermediate oil weakened on speculation that supplies will rise as maintenance that has limited production ends.
Work on a hydrogen plant at the Syncrude Canada Ltd. oil sands upgrader will be completed in December, according to Canadian Oil Sands Ltd., the biggest holder in the venture. Syncrude has been stockpiling bitumen, which is processed into a light, low-sulfur synthetic oil, at its northeastern Alberta facility in anticipation of the restart.
Syncrude’s premium weakened 75 cents to $4.25 a barrel at 4:02 p.m. in New York, according to data compiled by Bloomberg. The discount for Western Canada Select widened 60 cents to $11 a barrel.
Light Louisiana Sweet’s premium to WTI decreased 75 cents to $10.85 a barrel. Heavy Louisiana Sweet’s premium narrowed 90 cents to $11.20.
Thunder Horse’s premium to WTI narrowed $1.10 to $8.80. The premium for Mars Blend lost 90 cents to $6.85 a barrel. Poseidon’s premium narrowed $1.80 to $6.20 a barrel over WTI.
Southern Green Canyon’s premium decreased 50 cents to $6.50 a barrel and West Texas Sour’s discount narrowed 5 cents to 85 cents.
--Editors: Margot Habiby, Richard Stubbe
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