Heavy Louisiana Sweet gained more than other Gulf of Mexico crudes on the spot market as benchmark West Texas Intermediate’s discount to Brent crude widened.
WTI weakened 33 cents to $19.44 a barrel at 1:57 p.m. in New York. When Brent gains versus WTI, it typically strengthens the value of U.S. grades that compete with foreign oils priced against the European benchmark.
Heavy Louisiana Sweet’s premium to WTI widened 40 cents a barrel to $21.25 at 2:14 p.m. New York time, according to data compiled by Bloomberg. Light Louisiana Sweet gained 15 cents a barrel to trade at $20.55 over WTI.
Mars Blend’s premium to WTI rose by 30 cents to $16.50 a barrel, while Poseidon’s premium gained 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 15 cents to $18.85.
The discount for Western Canada Select against WTI narrowed 50 cents to $25.50 a barrel, and Syncrude’s premium was unchanged at $3. Bakken gained 50 cents to trade at a $3-a-barrel discount to WTI.