Most U.S. Gulf Coast crudes’ premiums narrowed as the gap between West Texas Intermediate and Brent held near $15 a barrel.
Brent crude’s premium over WTI, based on June futures prices, has ranged from $14.14 to $15.60 for nine days. When Brent rises versus WTI, it typically 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 lost $1.15 to $16.60 a barrel at 4:49 p.m. New York time, according to data compiled by Bloomberg. Heavy Louisiana Sweet’s premium narrowed 10 cents to a premium of $16.65.
Mars Blend’s premium narrowed 25 cents to $10.75. Poseidon’s premium widened 40 cents to $10.25, while Southern Green Canyon’s widened 25 cents to $9.75. The three grades are used in the Argus Sour Crude Index. Thunder Horse, a sour crude with lower sulfur content than the other three grades, fell 65 cents against WTI to a premium of $14.
Western Canada Select’s discount to WTI narrowed 25 cents to $16 a barrel. Syncrude’s discount strengthened 50 cents to $1.50 and Bakken oil’s discount was unchanged at $6.50.