Mars Blend Crude Plunges as Imports Rise and Refiner Runs Fall
Mars Blend’s premium to West Texas Intermediate narrowed to the smallest margin since Oct. 3 as imports into the U.S. Gulf Coast rose and refiners cut runs.
Crude imports into the region increased 86,000 barrels a day to 4.31 million barrels a day last week, the Energy Department said today. Crude inputs to Gulf Coast refiners fell 1.9 percent to 7.42 million.
Mars Blend’s premium weakened $2.75 to $12.75 a barrel above WTI at 3:35 p.m. in New York, according to data compiled by Bloomberg.
Light Louisiana Sweet’s premium narrowed $2.45 to $19.25 a barrel. Heavy Louisiana Sweet decreased $2.45 to a premium of $18.75 a barrel.
Poseidon’s premium narrowed $1 to $13. Southern Green Canyon decreased 10 cents to $13.50 over the benchmark.
The premium for Thunder Horse, a sour crude with lower sulfur content than Mars, Poseidon and Southern Green Canyon, narrowed 85 cents to $18.75 above WTI.
Western Canada Select’s discount narrowed $1.40 to $15.50 a barrel. Syncrude’s premium weakened 65 cents to $3.35. Bakken oil’s premium narrowed 75 cents to $1.
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