Bloomberg News

Syncrude Strengthens as Enbridge Starts Michigan Oil Pipeline

February 17, 2012

Feb. 17 (Bloomberg) -- Syncrude oil’s discount to the U.S. benchmark strengthened after Enbridge Inc. reopened a pipeline that transports crude to U.S. and Canadian refineries.

Enbridge returned the 491,200-barrel-a-day Line 5, shut Feb. 15 after a leak near Sterling, Michigan, to service at 7 a.m. local time, said Lorraine Little, an Enbridge spokeswoman in Superior, Wisconsin. The line carries oil from Superior to refineries near Sarnia, Ontario.

Syncrude’s discount to West Texas Intermediate futures narrowed $1.50 to $15.50 a barrel at 4:05 p.m. in New York, according to data compiled by Bloomberg.

Western Canada Select strengthened 50 cents to a discount of $28.50 a barrel. Bakken oil’s discount grew $3 to $13 a barrel below WTI.

In the U.S. Gulf Coast, Light Louisiana Sweet’s premium to WTI lost $2.60 to $18.75 a barrel. Heavy Louisiana Sweet decreased $3.50 to a premium of $19.75.

Thunder Horse’s premium to WTI lost $2.50 to $18.25 and Mars Blend’s decreased $2.30 to $14.10. Poseidon’s premium narrowed $2.25 to $13.90 a barrel. Southern Green Canyon’s dropped $2.25 to $15 over WTI.

West Texas Sour’s discount widened 5 cents to $3.80 a barrel.

--Editors: Charlotte Porter, Bill Banker

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


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