U.S. Gulf Crude Premiums Gain as WTI-Brent Differential Widens

U.S. Gulf Coast oil premiums gained as the gap between West Texas Intermediate and Brent crude widened for a second consecutive day.

Brent’s premium over WTI, based on June futures prices, widened 31 cents to $15.16 a barrel at 1:02 p.m. in New York. When Brent increases versus WTI, it typically boosts 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 West Texas Intermediate added $1.25 to $18.25 a barrel at 12:03 p.m. New York time, according to data compiled by Bloomberg. Heavy Louisiana Sweet increased $1.20 to a premium of $17.25 a barrel.

Thunder Horse’s premium gained $2.15 to $14.85 a barrel over WTI, and Mars Blend added $1.75 to a premium of $11.75. Poseidon’s premium increased $2.45 to $10.75, while Southern Green Canyon’s widened $1.75 to $9.75.

Western Canada Select’s discount to WTI was unchanged at $16.60 a barrel, Syncrude’s discount was steady at 75 cents and Bakken oil’s discount was unchanged at $6.50.

To contact the reporter on this story: Aaron Clark in New York at aclark27@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.