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West Texas Sour Discount Widens After Texas Refinery Outage

The discount for West Texas Sour crude widened after Western Refining Inc. said its El Paso refinery in Texas was affected by a power failure earlier today.

“We lost power from El Paso Electric early this morning,” Gary Hanson, a spokesman for Western, said in an e-mail. “Power has been restored and we are in the process of restarting our units.”

Western processed 16,413 barrels a day of sour crude at its El Paso refinery during the first quarter, the company said in a statement May 5. The plant has a capacity of 128,000 barrels a day, according to data compiled by Bloomberg.

West Texas Sour’s discount widened 5 cents to $2 a barrel versus West Texas Intermediate at 1:51 p.m. in New York, according to data compiled by Bloomberg.

Light Louisiana Sweet’s premium lost 5 cents to $16.70 over WTI. Heavy Louisiana Sweet’s was unchanged at $16.25 over the benchmark.

Among sour, or high-sulfur, grades, the premium for Mars Blend widened 15 cents to $11 a barrel over WTI. Poseidon’s premium added 35 cents to $10.60.

Thunder Horse’s premium gained 25 cents to $16 a barrel over WTI. Southern Green Canyon’s premium added 25 cents to $10.25 a barrel.

The premium for Syncrude weakened 15 cents to $8.25 a barrel. Syncrude is a light, low-sulfur synthetic oil derived from the tar sands in Alberta.

The discount for Western Canada Select narrowed 75 cents to $20 a barrel after TransCanada Corp. restarted its 591,000-barrel-a-day Keystone pipeline after the line was shut following a leak May 29.

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