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.