Light Louisiana Sweet Strengthens for First Time in Two WeeksDan Murtaugh
Light Louisiana Sweet strengthened against benchmark West Texas Intermediate for the first time in more than two weeks after the U.S. benchmark retreated from a 15-month-high and its discount to Brent widened.
LLS, the light, sweet benchmark on the U.S. Gulf Coast, advanced after WTI weakened from its highest intraday level since March 27, 2012, as the Labor Department said jobless claims increased to a two-month high in the week ended July 6. LLS competes with foreign crudes priced against Brent for space in U.S. refineries. Brent’s premium to WTI grew 82 cents today, the most since June 4, to $2.82 a barrel.
LLS’s premium to WTI in Cushing, Oklahoma, widened by 20 cents to $4.90 a barrel, according to data compiled by Bloomberg. It’s the first time the price has strengthened since June 25.
Heavy Louisiana Sweet weakened by 5 cents to a premium of $4 a barrel above the U.S. benchmark. Mars Blend’s discount widened by 20 cents to $1.25. Poseidon slid 5 cents to a $2.05 discount.
Crude from the Southern Green Canyon slid 25 cents to to a $2.15 discount to WTI. Thunder Horse’s premium shrank 10 cents to $1.60.