U.S. Gulf Coast oils widened their premiums to West Texas Intermediate as the spread between WTI and Brent crude held near a three-month high.
Brent’s premium to WTI narrowed 10 cents to $18.65 a barrel at 2:15 p.m. in New York based on the contracts for March delivery, according to data compiled by Bloomberg. The spread reached $20.70 in intraday trading on Feb. 7, the widest gap since October.
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.
Heavy Louisiana Sweet’s premium to the U.S. benchmark widened $1.20 to $23 at 2:11 p.m. Light Louisiana Sweet’s premium to WTI added 60 cents to $19.80 a barrel.
Thunder Horse’s premium to WTI widened $1 to $19.70. and Mars Blend’s gained 40 cents to $16. Poseidon’s premium widened 50 cents to $15.80 a barrel. Southern Green Canyon’s premium widened $1.75 to $16.75 a barrel over WTI.
West Texas Sour’s discount narrowed 10 cents to $3.75 a barrel.
The discount for Syncrude against futures was unchanged at $23 a barrel. Syncrude is a light, low-sulfur synthetic oil derived from the tar sands in Alberta.
Western Canada Select’s discount was unchanged at $33 a barrel. Bakken oil’s discount narrowed 50 cents to $27 a barrel.