U.S. Gulf Coast crude premiums gained versus West Texas Intermediate as the benchmark’s discount to Brent crude widened to the largest margin in more than three weeks.
The gap between WTI and Brent increased 59 cents to $14.33 a barrel in New York, based on settlement prices. When Brent rises versus WTI, it typically boosts 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 $13.50 a barrel at 12:29 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet gained 35 cents to $13.25 a barrel over WTI.
Poseidon’s premium increased 30 cents to $8.60 a barrel, while Southern Green Canyon was unchanged at $7.60 over. Mars Blend added 30 cents to $9.60 a barrel over WTI.
Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, increased 75 cents to an $12-a-barrel premium.
Western Canada Select’s discount to WTI narrowed $3.75 to $22.50 a barrel. Syncrude’s discount narrowed 40 cents to $2.60. Syncrude is a synthetic oil upgraded from tarlike bitumen in Alberta into refinery-ready crude.
Bakken oil’s discount narrowed $2 to $7 below the U.S. benchmark.
To contact the reporter on this story: Aaron Clark in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Dan Stets at email@example.com