Heavy Louisiana Sweet Strengthens as Brent Spread to WTI WidensEliot Caroom
Heavy Louisiana Sweet oil rose against the benchmark West Texas Intermediate as Brent crude expanded its premium to WTI for the first time in five days.
WTI sold for a discount of $10.16 a barrel to Brent based on settlement prices versus $9.77 yesterday, according to data compiled by Bloomberg. The spread went under $10 this week for the first time since January 2012.
HLS gained 20 cents to $11.60 a barrel over WTI at 2:07 p.m. in New York, according to data compiled by Bloomberg. Light Louisiana Sweet’s premium to WTI lost 75 cents to $11.
Poseidon’s premium weakened 25 cents to $6.10 a barrel. Southern Green Canyon lost $1.15 a barrel to a $4.85 premium. Mars Blend was unchanged at $6.50 a barrel over the benchmark.
The premium for Thunder Horse, which has a lower sulfur content than Mars, Poseidon and Southern Green Canyon, traded up 10 cents a barrel at $8.70.
Premiums for Eugene Island crude and Bonito Sour strengthened 10 cents and 20 cents, respectively, to trade at $8.70 over WTI.
Bakken was unchanged at a discount of $3.50 a barrel against WTI.