Louisiana Sweet Oil Premiums Weaken as WTI-Brent Spread Narrows
The premiums for Light Louisiana Sweet and Heavy Louisiana Sweet oils weakened as the difference between U.S. benchmark West Texas Intermediate and Brent narrowed.
When Brent decreases versus WTI, it weakens the value of low-sulfur U.S. grades that compete with West African oil priced against the European benchmark.
Light Louisiana Sweet’s premium to WTI decreased 10 cents to $10.55 a barrel at 12:06 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet’s premium narrowed 15 cents to $11.
Thunder Horse’s premium to WTI narrowed 10 cents to $8.75. The premium for Mars Blend decreased 20 cents to $6.50 a barrel. Poseidon’s premium narrowed 25 cents to $5.50 a barrel over WTI.
The discount for Western Canada Select was unchanged at $12.90 a barrel.
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