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West Texas Sour Discount Widens After Texas Refinery Outage

June 6 (Bloomberg) -- 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.

To contact the reporter on this story: Aaron Clark in New York at aclark27@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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