Premiums for Light Louisiana Sweet and Heavy Louisiana Sweet oils strengthened after the difference between benchmarks West Texas Intermediate and Brent widened for the fifth time in six sessions.
Brent’s premium to WTI based on April futures contracts widened 31 cents to $18.89 a barrel at 12:38 p.m. in New York. When Brent increases versus WTI, it boosts 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, the U.S. benchmark, widened 75 cents to $20 a barrel at 11:45 a.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet (USCSHLSE) added 85 cents, to a premium of $21.85.
Thunder Horse’s premium to WTI increased 20 cents to $19 and Mars Blend (USCSMARS) gained 45 cents to a premium of $15.25. Poseidon’s premium widened 35 cents to $14.25. Southern Green Canyon’s gained 25 cents to $15.25 over WTI.
West Texas Sour (USCSWTSM)’s discount widened 25 cents to $4.75 a barrel.
Western Canada Select (USCSWCAS) was unchanged at $35.75 below WTI. The discount for Bakken oil was steady at $18 a barrel and the discount for Syncrude was unchanged at $16.
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