Canadian grades weakened as U.S. Midcontinent refiners prepared to shut units for seasonal maintenance that may cut demand for the oils.
HollyFrontier Corp. (HFC:US) will shut the West plant at its Tulsa, Oklahoma, refinery starting in November for maintenance, a person with knowledge of the plans said June 28. The work will begin Nov. 1 and end in the first week in December, said the person. Julia Heidenreich, a Dallas-based spokeswoman for the company, said Oct. 5 that maintenance was scheduled to begin soon without disclosing further information.
Western Canada Select’s discount to West Texas Intermediate widened $1.50 to at $17 a barrel at 10:27 a.m. in New York, according to Net Energy Inc., which says it’s Canada’s largest independent financial and physical oil brokerage. Cold Lake’s discount widened $1.45 a barrel to $18.25.
Syncrude’s premium weakened 50 cents to $3.75 a barrel, the Calgary-based broker said. Bakken oil’s premium narrowed 50 cents to $1.50 a barrel.
Light Louisiana Sweet’s premium narrowed 10 cents to $21.70 a barrel over WTI, according to data compiled by Bloomberg at 1:48 p.m. in New York. Heavy Louisiana Sweet decreased 10 cents to a premium of $21.20 a barrel.
Poseidon’s premium narrowed 25 cents to $14. Mars Blend fell 5 cents to $15.50 a barrel over WTI, and Southern Green Canyon decreased 5 cents to $13.60 over the benchmark.
The premium for Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, dropped 15 cents to $19.60 above WTI.
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