U.S. Gulf Coast crude premiums weakened as the discount for West Texas Intermediate versus Brent crude narrowed.
The gap between WTI and Brent decreased by 83 cents to $12.84 based on settlement prices. When Brent falls versus WTI, it typically weakens the value of U.S. grades that compete foreign oils priced against the European benchmark.
Heavy Louisiana Sweet’s premium to WTI narrowed 20 cents to $14.10 a barrel at 4:16 p.m. in New York, according to data compiled by Bloomberg. Light Louisiana Sweet’s premium was unchanged at $12.
Poseidon’s premium to WTI lost 35 cents to $7.40 a barrel. Southern Green Canyon’s premium narrowed 15 cents a barrel to $7.20. Mars Blend lost 15 cents to $8.65 a barrel over WTI.
Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, decreased 50 cents to $11 a barrel over WTI.
Western Canada Select’s discount narrowed $1 to $27 a barrel. Syncrude was unchanged at $5.50 below WTI. Syncrude is a synthetic oil upgraded from tarlike bitumen in Alberta into refinery-ready crude.
Bakken oil was steady at $14 below WTI.
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