U.S. Gulf Coast Oil Premiums Dropped

Bloomberg reported that U.S. Gulf Coast oil premiums dropped after the gap between West Texas Intermediate and Brent crude narrowed 20 cents.

As quoted in the market news:

Brent’s premium over WTI, based on June futures prices, narrowed 20 cents to $15.08 a barrel at 2:09 p.m. in New York. When Brent decreases versus WTI, it typically diminishes the value of low-sulfur U.S. grades that compete with West African oil priced against the European benchmark.

Click here to read the full Bloomberg report.