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Thunder Horse Crude Premium Rises as BP Starts Texas Crude Unit

The premiums for Thunder Horse and Southern Green Canyon crudes in the U.S. Gulf strengthened as BP Plc started a crude unit at its Texas City refinery in Texas that shut after a power failure April 25.

BP Plc’s 475,000-barrel-a-day Texas City refinery started a crude unit late yesterday, according to a person familiar with the situation. Other process units will begin startup within the next few, said the person, who declined to be identified because the information isn’t public.

Thunder Horse’s premium gained 15 cents to $10.50 a barrel over West Texas Intermediate at 12:06 p.m. in New York, according to data compiled by Bloomberg. Southern Green Canyon’s premium strengthened 5 cents to $4.75 a barrel.

BP helps produce and sell Thunder Horse and Southern Green Canyon crude streams from the U.S. Gulf Coast, according to the company’s website.

Heavy Louisiana Sweet’s premium to WTI weakened 15 cents to $14.10 a barrel. Light Louisiana Sweet’s premium was unchanged at $15 over the benchmark.

Mars Blend’s premium weakened 5 cents to $6.80 a barrel over WTI. Poseidon’s premium narrowed 35 cents to $7.

West Texas Sour’s discount gained 5 cents to $3.10 a barrel. It has tracked more closely to its historical average discount versus WTI because it’s delivered in Midland, Texas, away from the Gulf Coast and close to Cushing, Oklahoma, the delivery point for oil traded on the New York Mercantile Exchange.

The premium for Syncrude gained 50 cents to $10.50 a barrel. Syncrude is a light, low-sulfur synthetic oil derived from the tar sands in Alberta.

The discount for Western Canada Select narrowed 50 cents to $15.75 a barrel.

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