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U.S. Gulf Oil Spreads Fluctuate as WTI Discount to Brent Widens

U.S. Gulf Coast oil spreads to West Texas Intermediate fluctuated as the discount of WTI to Brent crude widened.

The January WTI-Brent spread gained $1.16 to $10.79 a barrel in New York. The gap for the contracts has narrowed by 61 percent since reaching a record of $27.88 a barrel Oct. 14.

Light Louisiana Sweet’s premium to WTI increased 5 cents to $11.30 a barrel at 4:07 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet’s premium narrowed 30 cents to $12.20.

Thunder Horse’s premium to WTI widened $2 to $10. The premium for Mars Blend weakened $1.75 to $7.50 a barrel. Poseidon’s premium weakened $1.75 to $7.75 a barrel over WTI.

Southern Green Canyon’s premium narrowed 75 cents to $7.25 a barrel and West Texas Sour’s discount narrowed 10 cents to 80 cents.

The discount for Western Canada Select narrowed 15 cents to $12.45 a barrel.

Syncrude’s premium strengthened 75 cents a barrel to $4.50. Syncrude is a light, low-sulfur synthetic oil derived from the tar sands in Alberta.

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