Syncrude Premium Weakens as Horizon Upgrader in Alberta Starts

Syncrude’s premium to benchmark West Texas Intermediate crude oil narrowed after Canadian Natural Resources Ltd. (CNQ) said that the Horizon upgrader in Alberta resumed production.

The 110,000-barrel-a-day upgrader, shut following a Jan. 6 fire, returned to service Aug. 16, the company said in a statement late yesterday.

The premium for Syncrude narrowed 35 cents to $14 a barrel at 2:14 p.m. in New York, according to data compiled by Bloomberg. Syncrude is a light, low-sulfur synthetic oil derived from the tar sands in Alberta.

The discount for Western Canada Select was unchanged at $14 a barrel.

Heavy Louisiana Sweet lost 55 cents to a premium of $24.65 a barrel over WTI. Light Louisiana Sweet’s premium decreased 5 cents to $21.70 a barrel.

Among sour, or high-sulfur, grades, the premium for Mars Blend narrowed 60 cents to $20.75 while Poseidon weakened 60 cents to $20.50 a barrel over WTI.

Southern Green Canyon’s premium added 25 cents to $19.25 a barrel. West Texas Sour’s discount narrowed 5 cents to 70 cents. Thunder Horse’s premium increased 10 cents to $24.75 above the benchmark.

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