Premiums for Light Louisiana Sweet and Heavy Louisiana Sweet oils weakened after the difference between West Texas Intermediate and Brent narrowed for the first time this week.
Brent’s premium to WTI based on April futures contracts narrowed 28 cents to $18.58 a barrel. 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.
Light Louisiana Sweet’s (USCSLLSS) premium to WTI narrowed $1 to $19.25 a barrel at 4:08 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet (USCSHLSE) weakened $1 to a premium of $21.
Thunder Horse’s premium to WTI lost 70 cents to $18.80 and Mars Blend (USCSMARS) decreased 50 cents to a premium of $14.80. Poseidon’s premium narrowed 85 cents to $13.90. Southern Green Canyon’s gained 50 cents to $15 over WTI.
West Texas Sour (USCSWTSM)’s discount widened 20 cents to $4.50 a barrel.
Western Canada Select (USCSWCAS) weakened 75 cents to $35.75 below WTI. The discount for Bakken oil narrowed $4 to $18 a barrel. The discount for Syncrude widened $2.50 to $16 a barrel.
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