Light Louisiana Sweet Gains as WTI Weakens Against BrentEliot Caroom
Light Louisiana Sweet and other Gulf Coast crudes gained against West Texas Intermediate as the U.S. benchmark lost ground to Brent.
WTI’s discount to its European counterpart widened by 42 cents to $5.93 a barrel at 1:47 p.m. in New York, according to data compiled by Bloomberg. When WTI weakens versus Brent, which is used to price foreign crudes, it can raise the value of domestic oils competing for space in Gulf Coast refineries.
LLS gained 85 cents a barrel to a premium of $1.90 against WTI at 11:53 p.m. in New York, data compiled by Bloomberg show. Heavy Louisiana Sweet strengthened 60 cents a barrel to a premium of $2.10.
Mars Blend’s discount narrowed 15 cents to $2.60. The discount for Thunder Horse widened 15 cents to 90 cents a barrel and Poseidon was unchanged at a discount of $3.80 a barrel to the domestic benchmark.