Other Gulf Coast crudes also weakened as WTI gained against Brent, the international marker grade. When WTI strengthens versus Brent, it can lower domestic grades competing with imports for space in Gulf Coast refineries.
Thunder Horse, a medium-gravity oil, weakened by $3 a barrel against WTI to $1 below the benchmark at 11:54 a.m. in New York, according to data compiled by Bloomberg. The last time it was at a discount to WTI was Nov. 29. It was the steepest differential since Oct. 25.
WTI’s spread to Brent contracted by 38 cents to $12.45 a barrel at 1:46 p.m. in New York.
Light Louisiana Sweet crude’s premium to WTI shrank $1.25 to $4.25 a barrel. Heavy Louisiana Sweet’s premium contracted by $1.25 a barrel to $4.50.
West Texas Sour, a high-sulfur crude from the Permian Basin, strengthened 15 cents to a $2.25-a-barrel discount to WTI in Cushing, Oklahoma. WTI in Midland, Texas, gained 15 cents to $1.50 below the Cushing benchmark.
Western Canada Select, a Canadian heavy crude, weakened 25 cents to a $23.25 discount to WTI. Syncrude, a sweet oil, was unchanged at $2.50 below WTI.
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