Gulf Coast Crudes Mixed After Imports Drop Most Since 2008Eliot Caroom
Gulf of Mexico oils were mixed after imports in the region declined last week to the lowest level since September 2008.
Oil shipments into the Gulf, known as PADD 3, fell 513,000 barrels to 3.18 million barrels a day, according to the Energy Information Administration, the statistics arm of the Energy Department. Motiva Enterprises LLC began slowing production at its Port Arthur refinery for scheduled work, according to two people familiar with operations.
Light Louisiana Sweet’s premium to WTI narrowed 20 cents to $20.40 a barrel at 2:06 p.m. New York time while Heavy Louisiana Sweet’s premium rose 10 cents to $20.50, according to data compiled by Bloomberg.
Mars Blend’s premium rose 35 cents to $15.10 over WTI, and Poseidon’s premium to WTI gained 30 cents to $15.30 a barrel.
West Texas Sour’s discount to WTI narrowed 40 cents to $4.50 a barrel. WTI in Midland narrowed its discount to WTI in Cushing by 10 cents, trading at a discount of 70 cents.
Bitumen-based blend Western Canada Select crude narrowed its discount to WTI 50 cents to $24.25 a barrel at 11:04 a.m. Mountain time, according to Calgary oil broker Net Energy Inc.
The heavy crude has strengthened from a discount of $42.50 a barrel on Dec. 14. as delays to Exxon Mobil Corp.’s 110,000-barrel-a-day Kearl oil sands project left room on Enbridge Inc. pipelines that transport oil from Alberta to the U.S.
Syncrude, a synthetic light, sweet oil upgraded from bitumen, declined by 80 cents a barrel to a $1.50 premium to WTI at 10:18 a.m., Net Energy said.