Light Louisiana Sweet and other U.S. Gulf of Mexico oils gained on the spot market as Brent’s premium over West Texas Intermediate grew, increasing the cost of waterborne imports.
Brent, the global benchmark crude, rose 54 cents to $22.12 a barrel over the U.S. benchmark, a one-week high. When Brent’s premium to WTI increases, the cost of alternatives such as Gulf crudes tend to rise, as well.
Light Louisiana Sweet increased 35 cents to $22.10 over WTI at 4:13 p.m. New York time, according to data compiled by Bloomberg. Heavy Louisiana Sweet gained 30 cents to a $21.10 premium.
Medium-density, high-sulfur grades from the Gulf also rose. Mars Blend’s premium gained 50 cents to $15 a barrel. Poseidon gained 50 cents to $14.25 over WTI. Southern Green Canyon added 50 cents to bring its premium to $13. Thunder Horse increased 50 cents to an $18.50 premium.
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