Light Louisiana Sweet gained more than other Gulf of Mexico crudes on the spot market as the spread between West Texas Intermediate and Brent widened.
The discount for February West Texas Intermediate oil versus Brent widened 47 cents to $20.44 a barrel, based on futures settlement prices. When Brent gains versus WTI, it typically strengthens the value of U.S. grades that compete with foreign oils priced against the European benchmark.
Light Louisiana Sweet’s premium to WTI widened $1.05 to $21.75 at 4:02 p.m. New York time, according to data compiled by Bloomberg.
Premiums for other Gulf crudes were mixed. Mars Blend’s premium was unchanged at a $16.25 premium, while Southern Green gained 10 cents to $16.50 a barrel over WTI.
Poseidon’s premium narrowed 15 cents to $16.75 a barrel over WTI. The premium for Thunder Horse, which has a lower sulfur content than Mars, Poseidon and Southern Green, narrowed by 40 cents to $18.25.
The discount for Western Canada Select for February delivery versus West Texas Intermediate was unchanged at $35.50 a barrel at 2:49 p.m. New York time, according to Net Energy Inc., a Calgary oil broker.
Syncrude’s premium for February was unchanged and at parity to WTI, Net Energy said. Bakken was unchanged at a $4-a-barrel discount to WTI.