Light Louisiana Sweet’s discount to Brent oil widened to the largest margin since December 2008 as the first shipments of similar low-sulfur grades may begin arriving in Texas via the Seaway pipeline this month.
Transit time on Enterprise Products Partners LP (EPD:US) and Enbridge Inc. (ENB)’s reversed Seaway pipeline is about 12 days, Rick Rainey, a Houston-based spokesman, said yesterday. The 150,000- barrel-a-day line will moving oil from Cushing, Oklahoma, to Texas refineries May 17, the companies said in a filing.
Light Louisiana Sweet’s discount to Brent, the European benchmark, widened $1.54 to $5.33 a barrel at 2:14 p.m. in New York, according to data compiled by Bloomberg. The Louisiana grade began trading at a discount to Brent this month for the first time since February. LLS’s premium to West Texas Intermediate narrowed 25 cents to $12.75 a barrel.
Heavy Louisiana Sweet’s premium to WTI decreased 75 cents to $14. Mars Blend’s narrowed 25 cents to $10.25 a barrel and Poseidon’s lost 50 cents to $9. Southern Green Canyon was unchanged at a premium of $9.50.
Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, increased 50 cents against WTI to a premium of $13.50.
Western Canada Select’s discount to WTI narrowed $1 to $16.75 a barrel. Syncrude’s premium added 5 cents to $2.10.
Bakken oil’s discount to the U.S. benchmark widened 10 cents to $2 a barrel.
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