Light and Heavy Louisiana sweet oil premiums weakened as the gap between West Texas Intermediate and Brent narrowed.
Brent crude’s premium to WTI, based on June futures prices, narrowed 84 cents to $15.55 a barrel at 2:35 p.m. in New York. When Brent falls versus WTI, it typically weakens the value of low-sulfur U.S. grades that compete with West African oil priced against the European benchmark.
Light Louisiana Sweet’s premium lost $2.25 to $14 a barrel at 12:11 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet’s premium decreased $2.40 to $15.
Mars Blend’s premium narrowed 55 cents to $11.25 a barrel. Poseidon’s fell 40 cents to $10.25, while Southern Green Canyon’s decreased 35 cents to $10.
Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, decreased $1 against WTI to a premium of $14.50.
Western Canada Select’s discount to WTI widened 25 cents to $19 a barrel. Syncrude’s premium added 10 cents to $1.95.
Bakken oil’s discount to the U.S. benchmark narrowed 75 cents to $1 a barrel.
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