Feb. 13 (Bloomberg) -- The discount for Syncrude oil surged because of work at a Syncrude Canada Ltd. coker and planned maintenance at Husky Energy Inc.’s Lloydminster upgrader.
Syncrude Canada’s 8-1 coker is under assessment and is being cleaned out, Ryan Kubik, Canadian Oil Sands Ltd.’s chief financial officer, said at the Credit Suisse Group AG 2012 Energy Summit Feb. 9. Canadian Oil Sands is the largest shareholder in Syncrude Canada.
Husky Energy Inc. said the same day that it plans a three- week outage in the first half of this year at the Lloydminster oil-sands unit in Alberta.
The discount for Syncrude against West Texas Intermediate futures narrowed $6.25 to $16.75 at 12:31 p.m. in New York, according to data compiled by Bloomberg. Syncrude is a light, low-sulfur synthetic oil derived from the Alberta tar sands.
Bakken oil’s discount narrowed $6 to $21.50 a barrel below WTI. Western Canada Select’s discount strengthened $1 to $32 below the U.S. benchmark.
In the U.S. Gulf Coast, Light Louisiana Sweet’s premium to WTI added 70 cents to $20.50 a barrel. Heavy Louisiana Sweet decreased 50 cents to $22.50 over the U.S. benchmark.
Thunder Horse’s premium to WTI narrowed $1 to $18.75 and Mars Blend’s lost 25 cents to $15.65. Poseidon’s premium narrowed 50 cents to $15.30 a barrel. Southern Green Canyon’s premium lost 25 cents to $16.75 over WTI.
West Texas Sour’s discount widened 5 cents to $3.60 a barrel.
--Editors: Charlotte Porter, Richard Stubbe
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