Press Esc to close

WorldOil

World Oil News Center



Gulf crude strengthens as U.S. inventories projected to rise

BY DAN MURTAUGH

HOUSTON (Bloomberg) -- Light Louisiana Sweet strengthened relative to West Texas Intermediate as U.S. oil inventories were projected to rise to a three-month high, sending futures for the U.S. benchmark to the lowest level since June. LLS, the light, sweet benchmark on the Gulf Coast, strengthened by 50 cents to a premium of $2.50 a barrel to WTI at 3:50 p.m., according to data compiled by Bloomberg. It’s the highest level since Oct. 14.

U.S. crude inventories rose by 3 million barrels, or 0.8 percent, to 377.5 million in the week ended Oct. 18, based on the median of 10 analyst estimates in a Bloomberg survey. That would be the highest level since June 28.

WTI for December delivery fell 1.4 percent to $98.30. The premium for European benchmark Brent over WTI rose to $11.67 a barrel, the highest level since April 15. Gulf crudes typically follow the WTI-Brent spread, because they compete against foreign oils priced against Brent for space in U.S. refineries.

Heavy Louisiana Sweet’s premium over WTI rose by 45 cents to $1.25 a barrel. Thunder Horse crude strengthened by 65 cents to a 20-cent-a-barrel premium.

Mars Blend’s discount narrowed by 65 cents to $2.75 a barrel. Poseidon crude strengthened by 60 cents to a $3.30-a- barrel discount. Crude from the Southern Green Canyon gained 75 cents to a $6 discount.

--With assistance from Mark Shenk in New York.

10/22/2013

 

Bookmark and Share


WO DATA HUB

EngineeringTablesIcon-Large

Engineering Data Tables

World Oil's specialized upstream Engineering Data Tables featuring the Drill Bit Classifier, Tubing Tables and more. Get Total Access today.

WO SUPPLEMENTS

2013 Fracturing Technology

2013 Fracturing Technology

MEDIA CENTER

By Digital Publisher

Drill Bit Classifier World Oil published its renowned Drill Bit Classifier in September 2013. The Drill Bit Classifier is a comprehensive listing of major manufacturers' d...

ENERGY EVENTS

Upcoming Events