US light sweet LLS fell to its first ever discount to the ASCI benchmark - a volume-weighted average of US deepwater sour crude deals - after a fire at Valero's 190,000 b/d Memphis refinery backed out LLS on to the spot markets. But it had reverted to its more usual premium by the end of the week as the Valero refinery came back on line. Russian and Mediterranean sour grades firmed on wide refining margins. The expected loss of 200,000 b/d of Syrian crude supplies in September after the EU imposes an oil embargo on Syrian crude imports will further tighten the market. Russian medium sour Urals' discount to North Sea Dated in northwest Europe narrowest by 35￠/bl to 5￠/bl, its firmest in 11 months.
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