West Texas Sour Weakens After Ponca City Refinery Flaring
West Texas Sour’s discount widened $2.65 a barrel to $8.35 a barrel below West Texas Intermediate at 3:54 p.m. in New York, according to data compiled by Bloomberg. WTI in Midland, Texas, widened its discount versus the benchmark grade at Cushing, Oklahoma, by $2.90 to $7.50 a barrel.
The 187,000-barrel-a-day refinery flared gases late yesterday, Paula Cain, director of the city’s emergency management division, said in a telephone interview.
In the U.S. Gulf Coast region, Mars Blend’s premium to the benchmark fell 70 cents to $11. Poseidon’s premium decreased 35 cents to $9.85, while Southern Green Canyon’s weakened 50 cents to $9.50. The three grades are used in the Argus Sour Crude Index.
The premium for Thunder Horse, a sour oil with lower sulfur content than the other three grades, fell 5 cents to $14.65.
Sweet oils gained against the benchmark. Light Louisiana Sweet’s premium to WTI added 25 cents to $17.75 a barrel. Heavy Louisiana Sweet strengthened 25 cents to a premium of $16.75.
Western Canada Select’s discount to WTI narrowed 75 cents to $16.25. Syncrude’s discount widened 50 cents to $2. Bakken oil’s discount was unchanged at $6.50.
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