Gulf Coast Grades Mixed in Thin Trading Before Christmas Holiday
Gulf Coast oil grades were mixed in light trading before the Christmas holiday, with sweet crudes higher and sour mostly losing ground.
Today was also the last of three days cash-market participants have to close their books for January. The period is typically characterized by light volume and erratic pricing.
Heavy Louisiana Sweet’s premium to benchmark West Texas Intermediate widened $1.50 to $21 a barrel at 1:46 p.m. New York time, according to data compiled by Bloomberg. Light Louisiana Sweet rose $1.50 to $21.50 a barrel over WTI.
The premium for Mars Blend to WTI narrowed 25 cents to $14.50 a barrel. Southern Green Canyon sank 75 cents to $12.50 a barrel over WTI.
Thunder Horse dropped $1.75 to an $18-a-barrel premium to the U.S. benchmark. Poseidon’s premium to WTI widened 50 cents to $14.75 a barrel.
The discount for West Texas Sour to WTI widened $3.50 to $17.50 a barrel, while WTI in Midland sank $1.50 to $10 under WTI in Cushing.
Canadian crudes were unchanged, with Western Canada Select at a $34-a-barrel discount to WTI and Syncrude holding at 50 cents above the benchmark.
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