Gulf of Mexico crudes on the spot market weakened as Brent declined, making cargoes from overseas more attractive to buyers.
Brent’s premium over U.S. benchmark West Texas Intermediate narrowed 52 cents to $8.78 a barrel. Gulf crudes compete with foreign oils priced against Brent for space in U.S. Gulf Coast refineries.
Light Louisiana Sweet weakened by 85 cents to $10.45 a barrel more than WTI at 4:18 p.m., the smallest premium since May 24, according to data compiled by Bloomberg. Heavy Louisiana Sweet fell 75 cents to $10.35 a barrel more than WTI.
Mars Blend slipped 90 cents to $6.30 a barrel more than the U.S. benchmark. Crude from the Poseidon formation weakened by 45 cents to a $6.30 premium.
Crude from the Southern Green Canyon saw its premium dip by 65 cents to $5.20, and Thunder Horse weakened 10 cents to an $9 premium.