Processing Magazine

Eugene Island Crude Premium Rises After Platform Shutdown

January 12, 2011

According to Bloomberg, the premium for Eugene Island crude widened after Chevron Corp. halted production at a platform for about an hour yesterday. Chevron shut in a shallow-water platform in the Gulf of Mexico’s Eugene Island field yesterday, which resulted in a release of 0.00717 gallons of oil. The production was restored and the shut-in lasted less than an hour. The premium for Eugene Island crude rose $1.25 to $5.50 a barrel above benchmark West Texas Intermediate at 4:48 p.m. in New York, according to data compiled by Bloomberg. Heavy Louisiana Sweet’s premium widened 5 cents to $6.15 a barrel over WTI. Light Louisiana Sweet’s premium narrowed 15 cents to $7.35 a barrel. Southern Green Canyon’s premium narrowed 35 cents to 50 cents a barrel. Thunder Horse’s premium to WTI widened 15 cents to $4.90. Poseidon’s premium was unchanged at $1.50 a barrel. Mars Blend’s premium narrowed 5 cents to $2.60. West Texas Sour’s discount narrowed 10 cents to $3 a barrel.