Heavy Louisiana Sweet crude rose to a nine-month high against West Texas Intermediate as regional refiners operated at the highest seasonal level on record and distillate stockpiles were expected to decline.
Plants in the Gulf Coast region, or PADD 3, processed 8.34 million barrels a day of crude and other feedstocks in the week ended Jan. 10, the highest level for this time of year in U.S. Energy Information Administration data begun in 1992. The U.S. may report tomorrow that stockpiles of distillate fuel, including heating oil and diesel, dropped 500,000 barrels last week, a Bloomberg survey showed.
Heavy Louisiana Sweet’s premium to the U.S. benchmark rose 70 cents to $14.70 at 1:43 p.m. in New York, the highest level since April 15, according to data compiled by Bloomberg.
Light Louisiana Sweet climbed 25 cents to $12.50 over WTI. Mars Blend strengthened by 75 cents to a premium of $10. Thunder Horse rose by $1.25 to a $12 premium. Southern Green Canyon climbed 25 cents to $7 over WTI. Poseidon increased 50 cents to an $8.75 premium.