Oct. 10 (Bloomberg) -- Canadian crudes weakened before a planned shutdown at BP Plc’s Whiting refinery in Indiana that will reduce demand for Alberta oils.
The 420,000-barrel-a-day Whiting refinery plans to shut its largest crude unit Nov. 1, a person familiar with operations at the plant said April 19. The unit, known as Pipestill No. 12, is scheduled to be shut for about 100 days, the person said at the time. The unit will undergo modifications so that it can process heavier oil as part of the plant’s $3.8 billion modernization project, BP has said.
November Syncrude’s premium to West Texas Intermediate narrowed $1.40 to $4.50 a barrel at 11:56 a.m. in New York, according to data compiled by Bloomberg. The spread has narrowed from $11 on Oct. 2.
Western Canada Select’s discount to WTI widened 35 cents to $14.60 a barrel. Bakken oil’s premium narrowed $1.50 to 50 cents.
Prices also weakened on the U.S. Gulf Coast. Light Louisiana Sweet’s premium narrowed 20 cents to $20.60 over WTI, according to data compiled by Bloomberg at 11:56 a.m. Heavy Louisiana Sweet’s premium was unchanged at $20 a barrel.
Poseidon’s premium narrowed $1.15 to $13.10. Mars Blend decreased by 65 cents to $13.85 a barrel over WTI, and Southern Green Canyon lost $1 to $12.75.
The premium for Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, narrowed $1 to $17.40 above WTI.
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