Gulf Crude Strengthens as Refineries Return From Maintenance
LLS, the Gulf’s light, sweet benchmark, strengthened by $1 to a premium of $2.70 a barrel more than West Texas Intermediate at 4:02 p.m., according to data compiled by Bloomberg. It was the largest increase since May 15.
Phillips 66 (PSX) completed maintenance at its 239,000-barrel-a-day Lake Charles refinery in Louisiana, Dennis Nuss, a Houston-based spokesman for the company, said by e-mail. Chevron Corp. (CVX)’s 330,000-barrel-a-day plant in Pascagoula, Mississippi, is operating at normal capacity after a fire in a furnace Nov. 15, according to Kurt Glaubitz, a San Ramon, California-based company spokesman.
Heavy Louisiana Sweet oil strengthened by $1.30 to a premium of $2.90 a barrel more than WTI. Thunder Horse crude gained $1 to a 50-cent premium.
Mars Blend, a medium, sour crude, strengthened by 30 cents to a discount of $2.70 a barrel relative to WTI. Southern Green Canyon rose by $1.40 to a $4.60 discount. Poseidon weakened by 15 cents to a discount of $4.15.
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