Syncrude Rises After Plains Shuts Portion of Rangeland Pipeline
Syncrude’s discount to West Texas Intermediate oil narrowed after Plains Midstream Canada LP shut a portion of its Rangeland pipeline in Alberta following a release.
The portion of the affected line was not transporting oil at the time of the release, estimated to be 1,000 barrels to 3,000 barrels, Plains said in a statement. “The entire Rangeland pipeline is not shut down,” Darlene Crowell, a Calgary-based spokeswoman, said in an e-mail.
Syncrude strengthened 75 cents a barrel to a discount of $5.50 at 12:05 p.m. in New York, according to data compiled by Bloomberg. Bakken oil’s discount narrowed 50 cents to $10.50. Western Canada Select’s discount was unchanged at $24.75.
Light Louisiana Sweet’s premium to benchmark West Texas Intermediate crude lost 15 cents to $13.50 a barrel. Heavy Louisiana Sweet’s premium decreased 30 cents to $16.
Mars Blend’s premium widened 5 cents to $12.05. Southern Green Canyon’s narrowed 65 cents to $12.35 and Poseidon’s lost 5 cents to $12.40.
The premium for Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, was unchanged at $14 a barrel.
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