Gulf Crudes Mixed as West Texas Intermediate Gains on Brent
Gulf of Mexico oils were mixed as domestic benchmark West Texas Intermediate trimmed its discount to international standard Brent.
WTI rose 35 cents to a discount of $2.97 a barrel to Brent at 3:20 p.m. in New York, according to data compiled by Bloomberg. Gulf crudes compete with foreign oils priced against Brent for space in U.S. refineries.
Light Louisiana Sweet’s premium to WTI widened 10 cents to 85 cents a barrel at 3:54 p.m. New York time while Heavy Louisiana Sweet’s premium rose 10 cents to $1.10, according to data compiled by Bloomberg.
Mars Blend’s discount fell 35 cents to $4.65 against WTI, and Poseidon’s discount to WTI fell 35 cents to $5.40 a barrel. Southern Green Canyon was unchanged at a $7-a-barrel discount to the domestic benchmark.
In Canada there was no trading on the spot crude market as of 3 p.m. New York time, according to Calgary oil broker Net Energy Inc. October index trading, where average prices are set for grades to be delivered next month, ended Sept. 17. Western Canadian Select heavy oil ended the index period at a $28.50-a-barrel discount to WTI, and Syncrude light oil ended at a $5.80 discount.
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