Sweet Louisiana Oils Weaken as Brent-WTI Differential Narrows

Sweet Louisiana oils weakened after the premium for Brent crude oil versus West Texas Intermediate narrowed.

Brent’s premium to the U.S. benchmark shrank 13 cents to $19.80 a barrel at 2:36 p.m. in New York, lowering the price of imports tied to the global benchmark that compete with domestic crude.

Heavy Louisiana Sweet’s premium to benchmark WTI narrowed 25 cents to $18.75 a barrel at 3:34 p.m., according to data compiled by Bloomberg. Light Louisiana Sweet’s premium shrank 35 cents to $19.30 a barrel over WTI.

The premium for Mars Blend was unchanged at $14.50 above WTI. Poseidon was steady at $14.75 over the U.S. benchmark. Southern Green and Thunder Horse’s premiums to WTI were unchanged at $14.70 and $16.60 a barrel.

The discount for Western Canada Select for February delivery was unchanged at $33.10 a barrel, according to Net Energy Inc., a Calgary oil broker.

Syncrude for February delivery was unchanged at parity with WTI and Bakken oil was steady at a $4 discount to the U.S. benchmark, according to Net Energy.

To contact the reporter on this story: Eliot Caroom in New York at ecaroom@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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