Light Louisiana Sweet oil’s premium strengthened as the gap between West Texas Intermediate and Brent oil widened.
WTI’s discount versus Brent grew 47 cents to $16.34 a barrel based on September settlement prices. When Brent gains versus WTI, it usually strengthens the value of U.S. grades that compete with foreign oils priced against the European benchmark.
The premium of Light Louisiana Sweet to the U.S. benchmark added 80 cents to $17.40 a barrel at 2:26 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet was unchanged at $17 per barrel.
Poseidon’s premium gained $1.10 cents to $11.60 a barrel, while Mars Blend increased 95 cents to $12 a barrel over WTI. Southern Green Canyon’s premium rose 55 cents to $10.30.
Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, narrowed its premium by 50 cents to trade at $13.75.
Bakken oil’s discount to WTI widened 75 cents to $4.75 a barrel. Western Canada Select’s declined 50 cents to $20.
Syncrude trimmed its discount by 25 cents versus WTI to $3.25. Syncrude is a synthetic oil upgraded from tarlike bitumen in Alberta into refinery-ready crude.