Dec. 9 (Bloomberg) -- U.S. Gulf Coast oil premiums were little changed as the difference between West Texas Intermediate and Brent narrowed.
The gap between the two benchmark crude futures for January delivery decreased 56 cents to $9.21 a barrel. The spread has narrowed 67 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 increased 15 cents to $11.45 a barrel at 3:46 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet’s premium added 15 cents to $11.90.
Poseidon lost 5 cents to $6.20 a barrel over WTI. Southern Green Canyon’s premium decreased 10 cents to $5.90 a barrel and West Texas Sour’s discount narrowed 5 cents to 80 cents.
Thunder Horse’s premium to WTI added 25 cents to $9.50. The premium for Mars Blend increased 30 cents to $7.10 a barrel.
The discount for Western Canada Select was unchanged at $14.75.
Syncrude’s premium narrowed 40 cents to $2.30 a barrel, the smallest since January. Syncrude is a light, low-sulfur synthetic oil derived from the tar sands in Alberta.
--Editors: David Marino, Richard Stubbe
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