Bloomberg News

Syncrude Rises After Plains Shuts Portion of Rangeland Pipeline

By Aaron Clark
June 08, 2012

Syncrude’s discount to West Texas Intermediate oil narrowed after Plains Midstream Canada LP shut a portion of its Rangeland pipeline in Alberta following a release.

The portion of the affected line was not transporting oil at the time of the release, estimated to be 1,000 barrels to 3,000 barrels, Plains said in a statement. “The entire Rangeland pipeline is not shut down,” Darlene Crowell, a Calgary-based spokeswoman, said in an e-mail.

Syncrude strengthened 75 cents a barrel to a discount of $5.50 at 12:05 p.m. in New York, according to data compiled by Bloomberg. Bakken oil’s discount narrowed 50 cents to $10.50. Western Canada Select’s discount was unchanged at $24.75.

Light Louisiana Sweet’s premium to benchmark West Texas Intermediate crude lost 15 cents to $13.50 a barrel. Heavy Louisiana Sweet’s premium decreased 30 cents to $16.

Mars Blend’s premium widened 5 cents to $12.05. Southern Green Canyon’s narrowed 65 cents to $12.35 and Poseidon’s lost 5 cents to $12.40.

The premium for Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, was unchanged at $14 a barrel.

To contact the reporter on this story: Aaron Clark in New York at aclark27@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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