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U.S. Gulf Coast Crudes Strengthen as WTI-Brent Spread Widens

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July 2 (Bloomberg) -- U.S. Gulf Coast crude premiums strengthened as the discount for West Texas Intermediate oil versus Brent crude widened.

WTI’s discount to Brent grew 75 cents to $13.59, according to data compiled by Bloomberg. When Brent gains versus WTI, it typically strengthens the value of U.S. grades that compete with foreign oils priced against the European benchmark.

Light Louisiana Sweet’s premium to WTI widened 25 cents to $12.25 a barrel at 4:25 p.m. New York time.

Mars Blend gained 10 cents a barrel to a premium of $8.75. Poseidon’s premium widened 35 cents to $7.75 a barrel. Southern Green’s gap grew 5 cents to $7.25 a barrel more than WTI.

Heavy Louisiana Sweet oil’s premium weakened $1 a barrel to $13.10, and Thunder Horse fell 20 cents to a premium of $10.80 a barrel versus WTI.

The discount of Bakken oil to WTI narrowed $4 a barrel to $10. West Canada Select remained unchanged at a discount of $27 a barrel.

To contact the reporter on this story: Dan Murtaugh in Houston at dmurtaugh@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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