Light Louisiana Sweet, the benchmark light, sweet crude on the Gulf Coast, weakened to a two-year low against domestic standard West Texas Intermediate as WTI gained on Brent.
Brent’s premium to WTI narrowed by 39 cents to $5.77 a barrel, according to data compiled by Bloomberg, the least based on settlement prices since Jan. 18, 2011. Enbridge Inc. kept working to restore pipeline service from its Alberta oil-sands system that was constrained by flood-related damage.
LLS, which competes with foreign oils priced against Brent, fell 15 cents a barrel against WTI to a $7.45 a barrel premium at 2:24 p.m. New York time. A closing at that level would be also be the lowest since Jan. 18, 2011.
Thunder Horse weakened by 20 cents to $4.90 a barrel more than WTI. Poseidon, a medium sour grade, weakened by 15 cents to a $1 premium to WTI. Heavy Louisiana Sweet’s premium was unchanged at $7.50 a barrel more than WTI.
Mars Blend’s premium grew by 10 cents to $1.70 a barrel more than WTI. Crude from the Southern Green Canyon fell 15 cents to a premium of 75 cents to WTI.