Southern Green Canyon Rises to Strongest Level Since SeptemberEliot Caroom
Southern Green Canyon advanced to the highest level versus West Texas Intermediate since Sept. 6 as the domestic benchmark weakened against Brent.
Gulf Coast crudes strengthened as WTI lost ground to Brent, its discount widening by 74 cents a barrel to $11.26 at 3:19 p.m. New York time. Brent rose after a meeting between representatives of Iran and six world powers ended without a nuclear deal. When WTI weakens versus the international benchmark, it can raise the value of domestic grades competing for space in Gulf Coast refineries.
Southern Green Canyon’s discount narrowed by $1.10 to $2.65 a barrel at 1:55 p.m., according to data compiled by Bloomberg. Mars Blend, a medium-sour grade, climbed by 30 cents to a discount of $1.10 a barrel.
Poseidon gained 40 cents to a $2.20 discount, while Thunder Horse advanced 25 cents to a premium of $1.50.
Light Louisiana Sweet crude increased 10 cents to a premium of $4 a barrel relative to WTI. Heavy Louisiana Sweet’s premium rose by 20 cents a barrel to $4.
West Texas Sour, a high-sulfur crude from the Permian Basin, climbed 5 cents a barrel to a $4.45-a-barrel discount to WTI in Cushing, Oklahoma.