U.S. Gulf Coast crudes strengthened against West Texas Intermediate as WTI’s discount to Brent crude widened.
The gap between WTI and Brent increased by $1.55 from yesterday to $13.66 at 2:22 p.m. in New York. When Brent rises versus WTI, it typically strengthens the value of U.S. grades that compete foreign oils priced against the European benchmark.
On the U.S. Gulf Coast, Light Louisiana Sweet’s premium to WTI widened 5 cents to $13 a barrel at 2:16 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet’s premium to WTI narrowed 20 cents to $13.40 a barrel.
Poseidon’s premium to WTI increased 15 cents to $8.15 a barrel. Southern Green Canyon’s premium was steady at $7.50 a barrel. Mars Blend added 5 cents to $9.15 a barrel over WTI.
Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, increased 75 cents to $11.40 a barrel over WTI.
Western Canada Select’s discount narrowed $3.50 to $26.50 a barrel below WTI.
Syncrude’s discount narrowed $2.50 to $2.75 below WTI. Syncrude is a synthetic oil upgraded from tarlike bitumen in Alberta into refinery-ready crude.
Bakken oil’s discount was unchanged at $10 below the U.S. benchmark.