Thunder Horse crude slipped to the weakest level against West Texas Intermediate in almost three years as increasing shipments from the central U.S. gave Texas and Louisiana refineries more ways to acquire supply.
Thunder Horse traded at a discount to WTI for a fourth day, down from a $22.50 premium in February. Oils from the Gulf have declined against WTI as crude has moved to area refineries from Cushing, Oklahoma, where stockpiles have dropped to 34.1 million barrels from 49.7 million at the end of June.
Thunder Horse fell 15 cents a barrel to 65 cents below WTI at 1:46 p.m., according to data compiled by Bloomberg. That was its lowest level since Oct. 28, 2010.
The premiums for Light Louisiana Sweet and Heavy Louisiana Sweet over WTI fell by 5 cents and 15 cents a barrel, respectively, to $1.55 and $1.85.
Eugene Island crude’s discount narrowed by 5 cents to 70 cents. Bonito Sour gained 5 cents to a 65-cent discount.
Poseidon’s discount shrank 25 cents to $3.60. Southern Green Canyon fell 10 cents a barrel to a $5.75 discount. Mars Blend was unchanged at a discount of $3.
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