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Sweet Louisiana Crudes Gain as Refiners Return After Hurricane

Sweet Louisiana crudes gained as U.S. Gulf Coast refiners returned plants to operation that had halted or reduced output because of Hurricane Isaac.

Phillips 66 workers are in the process of resuming operations at the 247,000 barrel-a-day Alliance refinery in Louisiana, the company said in a statement on its website today. Restarts at Valero Energy Corp.’s Meraux and St. Charles refineries in Louisiana are “progressing as planned,” Bill Day, a San Antonio-based spokesman, said in an e-mail today.

Heavy Louisiana Sweet’s premium to West Texas Intermediate widened $1.40 a barrel to $18.75, at 2 p.m. in New York, according to data compiled by Bloomberg. That’s the largest premium since Aug. 24.

Light Louisiana Sweet’s premium to the U.S. benchmark added 25 cents to $17.35 a barrel.

Other crudes on the U.S. Gulf Coast weakened or were unchanged. Poseidon’s premium narrowed 15 cents to $13.10. Mars Blend’s premium decreased 40 cents to $12.70 a barrel over WTI. Southern Green Canyon’s lost 20 cents to $11.10.

Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, was unchanged at $17 above WTI.

In Canada, Syncrude’s premium to WTI weakened for the first time in six sessions, losing $1.75 to $13.75 a barrel.

Western Canada Select’s discount widened $1.50 to $10 a barrel below the U.S. benchmark. Bakken’s premium was steady at $6.50 a barrel.

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