Dec. 30 (Bloomberg) -- The premium for Light Louisiana Sweet oil in the U.S. Gulf Coast gained 61 percent this year above West Texas Intermediate as the gap between the U.S. benchmark and Brent more than doubled.
The spread between the two benchmark crude widened 19 cents to settle at $8.55 a barrel today.
When Brent increases versus WTI, it strengthens 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 gained 15 cents to $9.15 a barrel at 3:05 p.m. in New York, according to data compiled by Bloomberg. The spread was $5.70 at the end of 2010. Heavy Louisiana Sweet increased 50 cents to $10 over the U.S. benchmark.
Thunder Horse’s premium to WTI lost 20 cents to $6.35. The premium for Mars Blend gained 30 cents to $5.50. Poseidon’s premium added 10 cents to $5.
Southern Green Canyon’s premium increased 30 cents to $4.15. West Texas Sour’s discount widened 10 cents to $1.35 a barrel.
The discount for Western Canada Select narrowed 19 percent this year and was unchanged today at $16.15 a barrel at 2:07 p.m. in New York.
Syncrude’s spread strengthened to a premium this year from a discount of $3 at the end of 2010. The grade was unchanged at $3.05 a barrel today. Syncrude is a light, low-sulfur synthetic oil derived from the tar sands in Alberta.
--Editors: Richard Stubbe, David Marino
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