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Syncrude Premium Weakens as Horizon Upgrader in Alberta Starts

Aug. 23 (Bloomberg) -- Syncrude’s premium to benchmark West Texas Intermediate crude oil narrowed after Canadian Natural Resources Ltd. said that the Horizon upgrader in Alberta resumed production.

The 110,000-barrel-a-day upgrader, shut following a Jan. 6 fire, returned to service Aug. 16, the company said in a statement late yesterday.

The premium for Syncrude narrowed 35 cents to $14 a barrel at 2:14 p.m. in New York, according to data compiled by Bloomberg. Syncrude is a light, low-sulfur synthetic oil derived from the tar sands in Alberta.

The discount for Western Canada Select was unchanged at $14 a barrel.

Heavy Louisiana Sweet lost 55 cents to a premium of $24.65 a barrel over WTI. Light Louisiana Sweet’s premium decreased 5 cents to $21.70 a barrel.

Among sour, or high-sulfur, grades, the premium for Mars Blend narrowed 60 cents to $20.75 while Poseidon weakened 60 cents to $20.50 a barrel over WTI.

Southern Green Canyon’s premium added 25 cents to $19.25 a barrel. West Texas Sour’s discount narrowed 5 cents to 70 cents. Thunder Horse’s premium increased 10 cents to $24.75 above the benchmark.

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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