U.S. Gulf Coast oil premiums strengthened after the premium for Brent over West Texas Intermediate widened.
Brent crude’s premium to WTI, based on July futures prices, widened 53 cents to $14.25 a barrel at 1:33 p.m. in New York. When Brent rises versus WTI, it typically strengthens the value of low-sulfur U.S. grades that compete with West African oil priced against the European benchmark.
Light Louisiana Sweet’s premium was unchanged at $11.75 a barrel at 2:07 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet’s premium increased 50 cents to $12.75.
Poseidon’s premium to West Texas Intermediate added 60 cents to $8 a barrel. Southern Green Canyon’s premium also increased $1 to $7.50.
Mars Blend’s premium widened 55 cents to $9.30 a barrel. The premium for Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, added 20 cents to $11.15 a barrel.
Western Canada Select’s discount to WTI narrowed 75 cents to $23.60 a barrel. Syncrude’s discount narrowed 55 cents to $5.75. Bakken oil’s discount narrowed $1.50 a barrel to $9.
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