Gulf Coast crudes weakened against West Texas Intermediate as the domestic benchmark strengthened by about 50 cents a barrel versus Brent.
WTI’s discount to Brent narrowed 39 cents to $10.76 a barrel against Brent. When Brent drops versus WTI, it typically weakens the value of U.S. grades that compete with foreign crudes priced against the international benchmark.
Light Louisiana Sweet dropped 75 cents to $14 a barrel over WTI at 2:13 p.m. New York time, according to data compiled by Bloomberg. Heavy Louisiana Sweet’s premium to WTI weakened 20 cents to $14.10 a barrel.
Mars Blend’s premium to WTI narrowed 10 cents to $8.60 a barrel, while Poseidon lost 40 cents to $8.10 over the benchmark. The premium for Thunder Horse, which has a lower sulfur content than Mars and Poseidon, rose by 25 cents to $11.75.
Bakken crude delivered at Clearbrook, Minnesota, weakened 25 cents a barrel to a $1.50-a-barrel premium to WTI.
In Canada, Western Canada Select weakened by 50 cents a barrel to a $14 per barrel discount to WTI, at 1:33 p.m. New York time, according to Calgary-based broker Net Energy, Inc. Syncrude, a light oil produced from oil-sands upgraders, weakened by 55 cents to a $6.95 premium.