The Mars cash differential fell in early trading Thursday to its lowest level since January 2012 as the WTI/Brent spread continues to narrow, Gulf Coast trading sources said.
Mars is down 40 cents early Thursday at WTI plus $6.35/b after it was last heard offered at May WTI plus $6.40/b, down from Wednesday's assessment of WTI plus $6.75/b. The WTI/Brent spread narrowed by 6 cents at minus $10.70 after settling at minus $10.76 on Wednesday.
WTI plus $6.35/b is the lowest the benchmark for heavy, sour crudes on the Gulf Coast has been since January 3, 2012, when it was WTI plus $6.15/b.
