Light Louisiana Sweet oil’s premium to West Texas Intermediate increased to the largest since April as Brent crude strengthened versus the U.S. benchmark.
The gap between WTI and Brent increased 66 cents to $15.65 a barrel at 3:03 p.m. in New York. When Brent rises versus WTI, it typically boosts the value of U.S. grades that compete foreign oils priced against the European benchmark.
Light Louisiana Sweet’s premium to WTI widened $1.20 to $17.20 a barrel at 2:01 p.m. in New York, according to data compiled by Bloomberg. That’s the most expensive the grade has traded relative to WTI since April 25.
Heavy Louisiana Sweet’s premium was unchanged at $17 a barrel. Yesterday the grade jumped to the largest premium since May 9.
Poseidon’s premium increased 50 cents to $11.90 a barrel, while Southern Green Canyon added 70 cents to $11.45 over WTI. Mars Blend increased 50 cents to $12.75 a barrel over.
Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, increased 10 cents to an $15.60 a barrel premium.
Western Canada Select’s discount to WTI was steady at $20 a barrel. Syncrude’s discount was unchanged at $1.15. Syncrude is a synthetic oil upgraded from tarlike bitumen in Alberta into refinery-ready crude.
Bakken oil’s discount was steady at $5.75 below the U.S. benchmark.