US Gulf Coast crude oil blend LOOP Sour has gradually gotten heavier over the year while its discount to one of its component blends, Mars, has narrowed, according to data from the Louisiana Offshore Oil Port and S&P Global Platts. LOOP Sour delivered ex-cavern in August had an average API gravity of 29.6 and sulfur content of 2.49%. The average API has declined in five of the past seven months and 0.9 degrees over that time. LOOP Sour in August was at its heaviest since reaching 29.5 degrees in October 2017, LOOP data published Monday showed. LOOP Sour is comprised of the US Gulf of Mexico grades Mars and Poseidon and a crude blend called Segregation 17, into which the Middle Eastern grades Arab Medium, Basrah Light and Kuwait Export Crude can be delivered. The grade has been most similar to Mars in terms of API gravity over the past 12 months — averaging 0.33 degrees off Mars’ typical 29.44 — and Arab Medium from a sulfur standpoint — averaging 0.02 percentage points off Arab Medium’s typical 2.53%. As it has become heavier, LOOP Sour has also become more valuable relative to Mars. LOOP Sour averaged a 30 cents/b discount… continue reading
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Source: CTRM Center