Heavy Louisiana Sweet Oil Weakest Against WTI Since January 2012
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Heavy Louisiana Sweet oil’s premium to West Texas Intermediate on the spot market shrank to the narrowest level since January 2012 as Brent held at about $11 a barrel more than WTI.
Brent’s premium over the U.S. benchmark has fallen by more than half since February as refinery turnarounds and disappointing economic data out of Europe and Asia have diminished demand. The June European benchmark’s premium to WTI for same-month delivery was $11.24 a barrel at 2:14 p.m. New York time.