Jan. 26 (Bloomberg) -- U.S. Gulf Coast oil premiums fell as the difference between West Texas Intermediate and Brent fluctuated.
The premium of Brent to WTI narrowed 5 cents to $10.36 at 1:02 p.m. in New York, based on the contracts for March delivery, according to data compiled by Bloomberg. The spread had widened as much as 71 cents to $11.12 in earlier trading.
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, Heavy Louisiana Sweet’s premium narrowed $1.35 to $11.90 over the U.S. benchmark at 12:04 p.m. Light Louisiana Sweet’s premium to WTI narrowed 70 cents to $9.75 a barrel.
Thunder Horse’s premium narrowed $1.10 to $9.40. Mars Blend weakened 50 cents to $8 over WTI. Poseidon’s premium fell 80 cents to $7.50.
Southern Green Canyon’s premium narrowed 25 cents to $7.75. West Texas Sour’s discount narrowed 20 cents to $2.20 a barrel.
Syncrude’s discount was unchanged at $2.75 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 $22 a barrel.
--With assistance from Aaron Clark in New York. Editors: Richard Stubbe, Bill Banker
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