U.S. Gulf Coast oil premiums gained as the gap between West Texas Intermediate and Brent crude widened for a second consecutive day.
Brent’s premium over WTI, based on June futures prices, widened 31 cents to $15.16 a barrel at 1:02 p.m. in New York. When Brent increases versus WTI, it typically 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 West Texas Intermediate added $1.25 to $18.25 a barrel at 12:03 p.m. New York time, according to data compiled by Bloomberg. Heavy Louisiana Sweet increased $1.20 to a premium of $17.25 a barrel.
Thunder Horse’s premium gained $2.15 to $14.85 a barrel over WTI, and Mars Blend added $1.75 to a premium of $11.75. Poseidon’s premium increased $2.45 to $10.75, while Southern Green Canyon’s widened $1.75 to $9.75.
Western Canada Select’s discount to WTI was unchanged at $16.60 a barrel, Syncrude’s discount was steady at 75 cents and Bakken oil’s discount was unchanged at $6.50.