Bloomberg News

U.S. Gulf Coast Oils Weaken as Citgo Refinery Shuts Texas Units

October 01, 2012

U.S. Gulf Coast oils weakened as Citgo Petroleum Corp. started to halt units at the Corpus Christi refinery in Texas for planned work, reducing demand.

Units are in the process of shutting in the East and West sections of the plant, which has a combined capacity of 165,000 barrels a day, the company said in an e-mailed statement. Citgo declined to identify the units or say how long the maintenance will last.

Heavy Louisiana Sweet’s premium to West Texas Intermediate declined 90 cents to $20.25 a barrel at 2 p.m. in New York, according to data compiled by Bloomberg. Light Louisiana Sweet lost 75 cents to $19.25 over the U.S. benchmark.

Poseidon’s premium narrowed $1.30 to $13.25. Mars Blend’s lost $1.10 to $13.65 a barrel over WTI and Southern Green Canyon declined 50 cents to $12.25.

The premium for Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, narrowed 50 cents to $17.75 above WTI.

Bakken’s premium to the benchmark weakened $2.75 a barrel to $2.

The discount for Western Canada Select, a heavy oil blend from Alberta, was unchanged at $11.50 a barrel below the U.S. benchmark. Syncrude’s premium was unchanged at $9 over WTI.

To contact the reporter on this story: Aaron Clark in New York at aclark27@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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