The late days of July have witnessed a significant reduction in the price differential for Mars sour crude oil that is delivered from Gulf Coast offshore platforms to Clovelly, LA, closing at the end of last week (July 25) at $(1.20)/bbl. As discussed in RBN’s TradeView report, this is the weakest price differential value for Mars (red circle in chart below) versus the price of NYMEX-CME Domestic Sweet (DSW) — the commonly quoted prompt month futures contract price of crude oil — since early November 2024 (pink circle). Mars is an important price marker for medium sour crude oil produced in the offshore Gulf and is often seen as a barometer to assess the supply availability and relative price of competing imported sour crudes such as those from Canada, Mexico, other parts of Latin America and the Middle East.
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- Analyst Insight
Volatility in the Mars Crude Differential Continues
Mars crude oil is no stranger to price volatility.
- Analyst Insight
Gulf Coast Sour Crude Price Differential Holds Positive Despite Market Turbulence
Gulf Coast Mars sour crude continues to hold at a positive differential to NYMEX WTI prices in a sign of tight sour crude supplies in the region.
- Analyst Insight
Gulf Coast Sour Crude Price Differential Hits Near Five-Year High on Tariff Turbulence
Last week, the price differential for Mars, the Gulf Coast sour crude benchmark, hit its highest level since the bad days of COVID nearly five years ago. Tariff news and the elimination of Venezuelan heavy oil imports to the US were the drivers of the latest price peak.
