U.S. Gulf Coast oils widened their premiums to West Texas Intermediate as the spread between WTI and Brent crude held near a three-month high.
Brent’s premium to WTI narrowed 10 cents to $18.65 a barrel at 2:15 p.m. in New York based on the contracts for March delivery, according to data compiled by Bloomberg. The spread reached $20.70 in intraday trading on Feb. 7, the widest gap since October.
When Brent increases versus WTI, it strengthens the value of low-sulfur U.S. grades that compete with West African oil priced against the European benchmark.
Thunder Horse’s premium to WTI widened $1 to $19.70. and Mars Blend’s gained 40 cents to $16. Poseidon (USCSPOSE)’s premium widened 50 cents to $15.80 a barrel. Southern Green Canyon (USCSSGCN)’s premium widened $1.75 to $16.75 a barrel over WTI.
West Texas Sour (USCSWTSM)’s discount narrowed 10 cents to $3.75 a barrel.
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