U.S. Gulf Coast oil premiums strengthened as the spread between West Texas Intermediate and Brent crudes widened.
Brent’s premium over WTI, based on May futures contracts, widened by 85 cents to $17.78 a barrel at 2:27 p.m. in New York. When Brent increases versus WTI, it boosts 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 widened 35 cents to $23.10 a barrel over the U.S. benchmark at 1:54 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet’s premium gained 30 cents to $22.45 a barrel.
Thunder Horse’s premium was unchanged at $20 a barrel over WTI and Mars Blend increased 75 cents to a premium of $15.75. Poseidon’s premium added 75 cents to $14.45, while Southern Green Canyon’s premium was unchanged at $15.
West Texas Sour’s discount widened 25 cents to $6.25 a barrel below WTI.
Western Canada Select’s discount was unchanged at $30 a barrel. Bakken oil was unchanged at $15.50 a barrel under WTI, and Syncrude’s discount was unchanged at $9.25.