Sweet Louisiana oil premiums weakened as West Texas Intermediate’s discount to Brent oil narrowed.
The gap between WTI and Brent decreased 16 cents to $14.83 a barrel based on September settlement prices. When Brent falls versus WTI, it typically weakens the value of U.S. grades that compete with foreign oils priced against the European benchmark.
Light Louisiana Sweet’s premium to WTI decreased 10 cents to $16 a barrel at 1:59 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet lost 45 cents to $15 over WTI.
Poseidon’s premium decreased 75 cents to $9.80 a barrel. Southern Green Canyon added 20 cents to $9.30 over WTI. Mars Blend decreased 35 cents to $10.45 a barrel over the U.S. benchmark.
The premium for Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, decreased 35 cents to $14.15.
Syncrude’s premium was steady at $3 over WTI. Syncrude is a synthetic oil upgraded from tarlike bitumen in Alberta into refinery-ready crude.
Western Canada Select’s discount was unchanged at $16.55 a barrel below WTI.
Bakken oil’s discount was steady at 50 cents below the U.S. benchmark.
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