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U.S. Gulf Coast Oil Premiums Weaken as WTI-Brent Spread Narrows

U.S. Gulf Coast oils weakened after the premium for Brent crude over West Texas Intermediate narrowed.

The gap between Brent and WTI, based on July futures prices, narrowed $1.32 to $13.19 a barrel at 2:35 p.m. in New York. When Brent falls versus WTI, it typically decreases the value of low-sulfur U.S. grades that compete with West African oil priced against the European benchmark.

Light Louisiana Sweet’s premium lost 35 cents to $11.80 a barrel at 2:10 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet decreased 70 cents to $12 over WTI. Poseidon’s premium to WTI sank 25 cents to $8 a barrel, while Southern Green Canyon’s increased 40 cents to $7.50.

Mars Blend’s premium narrowed 20 cents to $9.10 a barrel. Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, lost 30 cents to $10.90 a barrel over WTI.

Western Canada Select’s discount to WTI narrowed $1.35 to $22.25 a barrel. Syncrude’s discount narrowed $2.65 to $3.10. Bakken oil’s discount narrowed 50 cents a barrel to $8.50.

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