Light Louisiana Sweet Gains as WTI Crude Weakens Against BrentEliot Caroom
Light Louisiana Sweet strengthened against West Texas Intermediate as the U.S. benchmark lost ground to Brent, while other oils produced on the Gulf Coast were mixed.
WTI’s discount to its European counterpart widened by 74 cents to $2.88 a barrel, based on settlement prices, according to data compiled by Bloomberg. When the U.S. grade loses to Brent, it can raise the value of domestic oils that compete for space in Gulf Coast refineries with foreign crudes priced against the international benchmark.
LLS gained 20 cents a barrel against WTI to a premium of $5.25 at 2:05 p.m. in New York, data compiled by Bloomberg show.
Heavy Louisiana Sweet lost 15 cents a barrel to a premium of $4.80. The premium for Thunder Horse was unchanged at $2.90 a barrel, while Mars Blend gained 30 cents to 40 cents a barrel over WTI and Poseidon rose 35 cents to a premium of 30 cents.
Bakken crude from North Dakota fell 15 cents to a discount of $4 a barrel to WTI.