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Bonito Sour and other crude oil grades produced offshore of the U.S. Gulf Coast weakened against benchmark West Texas Intermediate as traders completed their final transactions in the December spot market.
Today is the last of three days that cash-market traders have to finish business for the trading month after the December oil futures contract expired Nov. 16 in New York. The period is characterized by light volume and erratic pricing.
Bonito Sour, a crude oil produced in offshore Louisiana, declined $3.50 to $18.50 a barrel over West Texas Intermediate delivered at Cushing, Oklahoma at 3:46 p.m. in New York.
WTI for December delivery at Cushing gained 57 cents to $86.93 a barrel, 45 cents cheaper than January futures on the New York Mercantile Exchange.
January oil on the exchange settled up 63 cents or 0.7 percent to $87.38 a barrel as U.S. inventories fell unexpectedly and as fewer Americans filed applications for unemployment benefits.
Heavy Louisiana Sweet and Light Louisiana Sweet both declined $2 a barrel against WTI, with the heavy grade trading at a $20.50 premium and the light grade at a $21 premium.
Thunder Horse fell $2 to a $17 premium, while Southern Green Canyon fell $1 to a $16.50 premium. Both are medium-grade crude oils produced offshore in the Gulf.
Mars Blend slipped 75 cents to $16.75 a barrel over WTI, and Posidon dropped $1.25 to a $16.25 premium.
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