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U.S. Gulf Coast Oil Premiums Strengthen as WTI-Brent Gap Widens

Feb. 29 (Bloomberg) -- The premiums for Light Louisiana Sweet and Heavy Louisiana Sweet oils over the benchmark West Texas Intermediate widened as the difference between WTI and Brent increased.

Brent’s premium to WTI based on April futures contracts widened 82 cents to $15.82 a barrel. 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 added 65 cents to $17.30 a barrel as of 11:57 a.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet increased 35 cents to a premium of $19.75.

Thunder Horse’s premium to WTI added $1 to $16.75 and Mars Blend’s increased 55 cents to $13.05. Poseidon’s premium increased 10 cents to $12.60 a barrel. Southern Green Canyon’s premium added 50 cents to $12.50 over WTI.

West Texas Sour’s discount widened 25 cents to $3.25 a barrel. Syncrude oil’s discount narrowed $2 to $4. Western Canada Select’s discount widened $2.75 to $33.25 a barrel. Bakken oil’s spread was unchanged at $14 a barrel below WTI.

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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