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Syncrude Premium Rises on Upgrader Maintenance, Lower Production

Syncrude strengthened after Canadian Natural Resources Ltd. said it would conduct 12 days of maintenance on the Horizon upgrader this month and Suncor Energy Inc. said September oil-sands output fell 20 percent.

Canadian Natural said maintenance previously planned for the third quarter had been delayed and is scheduled to begin at its 110,000 barrel-a-day Horizon upgrader on Oct. 11. Suncor said oil-sands output averaged 300,000 barrels a day last month, down from August because of planned maintenance.

Syncrude’s premium to West Texas Intermediate widened $1 to $12 a barrel at 2 p.m. in New York, according to data compiled by Bloomberg, the highest level for the grade since Sept. 19.

The discount for Western Canada Select, a heavy-oil blend from Alberta, narrowed $1.25 to $10.25 a barrel below the U.S. benchmark. Bakken’s premium to the benchmark widened $3.50 a barrel to $5.

U.S. Gulf Coast oils weakened. Heavy Louisiana Sweet’s premium to WTI decreased 70 cents to $19.80 a barrel. Light Louisiana Sweet lost 45 cents to $18.80 over the U.S. benchmark.

Poseidon’s premium narrowed $2 to $11.25. Mars Blend’s lost $1 to $12.50 a barrel over WTI and Southern Green Canyon decreased $1.25 to $11.25.

The premium for Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, narrowed 50 cents to $17 above WTI.

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