U.S. Gulf Coast oils widened their premiums to West Texas Intermediate futures as the spread between WTI and Brent was little changed.
Brent’s premium to WTI narrowed 20 cents from yesterday to $15.92 a barrel in New York, based on settlement prices for July contracts.
Heavy Louisiana Sweet’s premium to WTI increased $1.75 to $14 at 3:55 p.m. on the New York Mercantile Exchange, according to data compiled by Bloomberg. Light Louisiana Sweet oil’s premium to WTI increased 85 cents to $11.85.
The oils began trading against July WTI futures today. They traded against June futures May 25, the last day of trading before the Memorial Day weekend.
Edmonton Syncrude Sweet fell from a $1.90-a-barrel premium against WTI May 25 to a $3.70 discount today. Western Canada Select’s discount widened $2.50 to $18.75.
Thunder Horse’s premium widened $1.50 to $11. Mars Blend’s premium increased 10 cents to $9.60. Poseidon’s premium grew $1.40 to $8.40.
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