U.S. Gulf Coast Oils Fluctuate Amid Little Changed WTI-Brent Gap
January 24, 2012, 1:11 PM ESTBy Aaron Clark
Jan. 24 (Bloomberg) -- U.S. Gulf Coast oil premiums fluctuated as the difference between West Texas Intermediate and Brent was little changed.
The premium of Brent to WTI decreased 12 cents to $10.88 at 12:07 p.m. in New York, based on the contracts for March delivery, according to data compiled by Bloomberg.
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.
In the U.S. Gulf Coast, Light Louisiana Sweet’s premium to WTI gained 50 cents to $11 a barrel at 11:51 a.m. Heavy Louisiana Sweet decreased 35 cents to $12.15 over the U.S. benchmark.
Thunder Horse’s premium narrowed 25 cents to $11. Mars Blend increased 5 cents to $8.35 over WTI. Poseidon’s premium rose 10 cents to $8.25.
Southern Green Canyon increased 20 cents to $7.25 over WTI. West Texas Sour’s discount widened 65 cents to $2.50 a barrel.
Syncrude’s discount was unchanged at $3.20 a barrel. Syncrude is a light, low-sulfur synthetic oil derived from the tar sands in Alberta.
Western Canada Select’s discount to WTI was unchanged at $21 a barrel.
--Editors: Bill Banker, Charlotte Porter
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
