Light Louisiana Sweet Gains With Refinery Runs Seen RisingEliot Caroom
Light Louisiana Sweet and other Gulf Coast crudes gained against West Texas Intermediate with refiners expected to increase runs.
Gulf Coast oils gained as domestic benchmark WTI narrowed its discount to its European counterpart by $1.76 to $13.03 a barrel in New York based on January contracts. An Energy Information Administration report tomorrow will probably say that refineries utilized 89.2 percent of capacity last week, up 0.5 percentage point from Nov. 8, according to a Bloomberg survey.
LLS gained 95 cents a barrel against WTI to a premium of $3.65 at 2:33 p.m. in New York, data compiled by Bloomberg show. Heavy Louisiana Sweet strengthened 50 cents a barrel to a premium of $3.40.
The premium for Thunder Horse widened 40 cents to 90 cents a barrel. Mars Blend’s discount widened 5 cents to $2.75.
West Texas Sour gained 40 cents to a discount of $5.35 a barrel, and WTI in Midland, Texas, narrowed its discount to the oil in Cushing, Oklahoma, by 75 cents to $4.15.