September Syncrude strengthened prior to the start of Alberta upgrader work in the next two months that will reduce supplies of the grade.
Nexen Inc. (NXY) has scheduled six weeks of work at its Long Lake upgrader in Alberta that will start in mid-August, the company said July 19. Suncor Energy Inc. (SU) has scheduled vacuum tower maintenance at its upgrader near Fort McMurray, Alberta, in September, according to a Jan. 31 investor presentation.
Syncrude’s discount to U.S. benchmark West Texas Intermediate narrowed $4 a barrel to $1.50 at 12:01 p.m. in New York, according to data compiled by Bloomberg. Syncrude is a synthetic oil upgraded from tar-like bitumen in Alberta into refinery-ready crude.
Western Canada Select’s discount was unchanged at $22.75 a barrel below WTI. The grade’s discount has widened since Enbridge Inc. shut its Line 14 July 27 after a leak. The pipe helps distribute Alberta crudes to Midwest refiners.
Bakken oil’s discount narrowed $1 to $4 a barrel.
Heavy Louisiana Sweet’s premium to the U.S. benchmark was unchanged at $17 a barrel while Light Louisiana Sweet’s increased 80 cents to $18.25.
Poseidon’s premium added 55 cents to $12.40 and Southern Green Canyon increased $1 to $12 a barrel over WTI. Mars Blend gained 60 cents to $13.
The premium for Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, was unchanged at $15.75.
To contact the reporter on this story: Aaron Clark in New York at email@example.com
To contact the editor responsible for this story: Bill Banker at firstname.lastname@example.org