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.