U.S. Gulf Coast crudes strengthened versus West Texas Intermediate as the benchmark’s discount to Brent crude widened.
The gap between WTI and Brent increased 29 cents to $13.77 a barrel at 2:01 p.m. in New York. When Brent rises versus WTI, it typically strengthens the value of U.S. grades that compete foreign oils priced against the European benchmark.
Light Louisiana Sweet’s premium to WTI widened 25 cents to $13.25 a barrel at 2:11 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet gained 15 cents to $13 a barrel over WTI.
Poseidon’s premium increased 20 cents to $8.25 a barrel, while Southern Green Canyon rose 10 cents to $7.60 over. Mars Blend added 20 cents to $9.30 a barrel over WTI.
Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, decreased 5 cents to an $11.25-a-barrel premium.
Western Canada Select’s discount to WTI narrowed 75 cents to $25.75 a barrel. Syncrude’s discount widened 25 cents to $3. Syncrude is a synthetic oil upgraded from tarlike bitumen in Alberta into refinery-ready crude.
Bakken oil was unchanged at $10 below the U.S. benchmark.
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