Gold Drops to $1,200/oz for First Time Since June in New York
Syncrude Surges to Highest in 11 Months on Suncor Upgrader Work
Syncrude’s premium to West Texas Intermediate crude surged to the widest in almost 11 months after Suncor Energy Inc. began maintenance on a vacuum tower at its Fort McMurray upgrader in Alberta.
The work on the unit, which processes heavy bitumen from Alberta’s oil sands into a light, sweet oil, is scheduled to last six weeks, Sneh Seetal, a Calgary-based spokeswoman, said by e-mail yesterday. Repairs at Nexen Inc.’s Long Lake upgrader, which shut in mid-August and is expected to resume output in the second half of this month, may also reduce supplies.
Syncrude increased $1 to $13 a barrel over WTI at 12:10 p.m. in New York, according to data compiled by Bloomberg. That’s the largest margin since Oct. 19.
Western Canada Select’s discount was unchanged at $9.25 a barrel below the U.S. benchmark. Bakken’s premium was unchanged at $6 a barrel.
On the U.S. Gulf Coast grades strengthened. Light Louisiana Sweet’s premium to WTI added 40 cents to $17.10 a barrel. Heavy Louisiana Sweet increased 55 cents to $17.35.
Poseidon’s premium grew 20 cents to $13.20. Mars Blend’s premium increased 25 cents to $13.05 a barrel over WTI. Southern Green Canyon’s widened by 25 cents to $11.75.
Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, was unchanged at $16 above WTI.
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