Thunder Horse Strengthens After Shell Starts Mars MaintenanceDan Murtaugh
Thunder Horse crude strengthened on the spot market after Royal Dutch Shell Plc shut production on a competing platform.
Shell is performing scheduled maintenance on the Mars Platform in the Gulf of Mexico, Kayla Macke, a Houston-based spokeswoman for the company, said in an e-mail yesterday. The work is expected to last a few weeks.
Mars and Thunder Horse are medium-density crudes delivered by pipeline to the Louisiana Offshore Oil Port’s storage caverns in Clovelly.
The Mars pipeline, which transports crude from the Mars and other platforms, moved 290,000 barrels a day to Clovelly in March, according to Shell’s website. BP Plc can produce up to 250,000 barrels of Thunder Horse crude a day, according to the company’s website.
Thunder Horse crude strengthened by 50 cents to a premium of $5.25 a barrel over West Texas Intermediate in Cushing, Oklahoma, at 2:06 p.m., according to data compiled by Bloomberg.
Mars Blend weakened by 50 cents to a premium of $1 a barrel versus WTI. Poseidon weakened 15 cents to a 45-cent-a-barrel premium and Southern Green Canyon slid by 20 cents to 60 cents a barrel above the U.S. benchmark.
Light Louisiana Sweet strengthened by 15 cents to an $8.40-a-barrel premium. Heavy Louisiana Sweet’s premium gained 50 cents to $8.30 a barrel.