Sweet Louisiana oils strengthened as the margin between West Texas Intermediate and Brent widened to the largest gap in more than a week.
The spread between the benchmarks widened $1.15 to $23.31 a barrel at 2:38 p.m. in New York, the biggest differential since Oct. 30. When Brent’s premium to WTI gains, it typically strengthens the value of U.S. grades that compete with foreign oils priced using the European benchmark.
On the U.S. Gulf Coast, Light Louisiana Sweet’s premium to WTI widened $1 to $21.50 a barrel as of 2:43 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet added 85 cents to $20.85 a barrel over WTI.
Poseidon’s premium widened $1.40 to $15.90. Mars Blend increased $1.30 to $15.70 a barrel over WTI, and Southern Green Canyon gained $1 to a $15.90 premium.
The premium for Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, widened 25 cents to $19.75 above WTI.
Western Canada Select’s discount narrowed $2.75 to $27.25 below the U.S. benchmark. Syncrude, a Canadian light synthetic oil processed from oil sands, gained $1 to a discount of $6 a barrel.
Bakken crude delivered in Clearbrook, Minnesota, was unchanged at $8 below WTI.