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Heavier Grades Along US Gulf Seeing Price Support

OIL

Prices for heavier crude grades along the US Gulf have climbed in recent weeks – trading at near parity with lighter grades.

  • Falling exports out of Mexico are supporting prices along with the potential resumption of Venezuelan sanctions and continued output cuts by OPEC+ nations.
  • Heavy Louisiana Sweet crude traded at a $2.60/bbl premium to WTI crude futures on Monday, compared with a premium of a $2.80 for Light Louisiana Sweet according to General Index figures. The average diff was nearly 60 cents for 2023.
  • Prices for Canadian crude in Houston are up, trading at an average discount of $4.35 to WTI this quarter compared with an average discount of more than $6 in the last year, also supported by the TMX startup.
  • Spot prices for Mexican Maya crude along the Gulf Coast climbed to about $77.20/bbl so far this month, compared with about $70 in the last quarter and last year, according to General Index.
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