Premiums for U.S. Gulf Coast oils strengthened as the gap between West Texas Intermediate and Brent widened for the fourth consecutive session.
The spread between the two benchmark crudes widened 62 cents to $9.17 a barrel at 2:45 p.m. today in New York. When Brent increases versus WTI, it strengthens the value of low-sulfur U.S. grades that compete with West African oil priced against the European benchmark.
Light Louisiana Sweet’s premium to WTI gained 40 cents to $9.55 a barrel at 2:08 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet was unchanged at $10 over the U.S. benchmark.
Thunder Horse’s premium increased 30 cents to $6.65. Mars Blend rose 35 cents to $5.85 over WTI. Poseidon’s premium was unchanged at $5.
Southern Green Canyon gained 25 cents to $4.40 over WTI. West Texas Sour’s discount was unchanged at $1.35 a barrel.
The discount for Western Canada Select widened 10 cents to $16.25 a barrel.
Syncrude’s premium narrowed 75 cents to $2.30 a barrel above WTI. Syncrude is a light, low-sulfur synthetic oil derived from the tar sands in Alberta.