Mars Blend crude on the spot market strengthened versus West Texas Intermediate for a seventh straight day as the U.S. benchmark lost ground to its European counterpart.
European Brent’s premium to WTI widened to $1.21 a barrel from 20 cents on July 19, based on September contract settlements, after falling to an 8-cent discount during intraday trading. Mars, a medium, sour crude from the Gulf of Mexico, competes with foreign crudes priced against Brent for space in U.S. refineries.
Mars Blend’s premium to WTI grew by 20 cents to $1.25 a barrel at 2:16 p.m., according to data compiled by Bloomberg. The crude has strengthened every trading day since July 11, when it reached a 30-month-low of $1.25 a barrel below WTI.
Heavy Louisiana Sweet strengthened by 85 cents to a premium of $5.85 a barrel more than WTI. Light Louisiana Sweet weakened by 25 cents to a $6.25-a-barrel-premium.
Poseidon’s premium gained by $1.10 to 85 cents a barrel versus WTI, while Thunder Horse’s lost 50 cents to $5. Crude from the Southern Green Canyon was unchanged at a 50-cent-a-barrel discount.
Bakken crude priced in Clearbrook, Minnesota, weakened by $1 to a discount of $4 a barrel.