Canadian oils surged as refiners in Alberta and Illinois returned plants to service and as rail shipments of petroleum increased.
Marathon Petroleum Corp. is starting units after planned work at its Robinson refinery in Illinois, Jamal Kheiry, a Findlay, Ohio-based spokesman, said in a telephone interview yesterday. Imperial Oil Ltd. (IMO)’s Strathcona refinery in Alberta completed maintenance and has returned to normal operations, Jon Harding, a company spokesman, said yesterday.
Canadian rail freight car loads of petroleum products rose 45 percent from a year ago to 5,934 in the week ended July 7, Association of American Railroads data shows.
Syncrude strengthened $3.65 to a $2.50 premium to West Texas Intermediate at 2:39 p.m. in New York, according to data compiled by Bloomberg. It’s the highest level the grade has traded at this year. Syncrude is a synthetic oil upgraded from tarlike bitumen in Alberta into refinery-ready crude.
Western Canada Select’s discount narrowed $3 to $13.75 a barrel below WTI, the smallest gap since May 1.
Bakken oil was steady at $3.25 below the U.S. benchmark.
Light Louisiana Sweet’s premium to WTI decreased 45 cents to $17.70 a barrel. Heavy Louisiana Sweet lost 60 cents to $17.25 over.
Poseidon’s premium decreased 70 cents to $12.80 a barrel, while Southern Green Canyon lost 90 cents to $12.10 over WTI. Mars Blend decreased 70 cents to $13 a barrel over the U.S. benchmark.
Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, decreased 85 cents to a $16 premium.
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