NEW YORK, Oct 2 (Reuters) - U.S. cash crude grades weakened slightly on Friday as refiners remained reluctant to buy physical crudes amid doubts about the strength of economic recovery.
Mars sour weakened 10 cents a barrel to trade for $4.15 below West Texas Intermediate for November delivery . Light Louisiana Sweet differentials fell 15 cents to trade for 45 cents a barrel above WTI.
Oil futures slipped by $1.10 a barrel to $69.72 in post-settlement trade, after unemployment figures showed a rise in joblessness to the highest level since 1983. .
Rampant unemployment may hinder a recovery in demand for fuel from consumers and industry.
Despite a recent drop in gasoline inventories, refiners that buy physical crude are reluctant to buy more crude as margins remain poor and fuel stocks are still high.
November oil futures traded at a lesser discount, of 22 cents a barrel, to December barrels late Friday, versus a 43 cent a barrel discount late Thursday. U.S. benchmark crude traded at a $1.98 a barrel premium to Europe's Brent, versus a $1.68 a barrel premium late Thursday.
Poseidon sour traded for -$4.15, down 20 cents. West Texas Sour traded even with Thursday at -$2.75.
Thunder Horse traded even at -$1.80.
Alaska North Slope crude for November delivery fell 25 cents to trade for $1.15 a barrel below WTI.
California crude buyers lowered their posted prices by 85 cents a barrel.
See for Reuters' generic refining margins
See for the WTI front/second month spread
See for front month WTI/Brent futures spread
See for Reuters' assessment of Dated Brent
See for Reuters assessed tanker rates
See for assessed domestic crude differentials
See for outright U.S. cash crude prices
See for a list of U.S. refinery outages
See for U.S. EIA inventory reports and forecasts
See for recent cash crude deals --------------------------------------------------------------
(Reporting by Joshua Schneyer; Editing by Marguerita Choy)
((Email: joshua.schneyer@thomsonreuters.com; +1 646-223-6051; Reuters Messaging: joshua.schneyer.reuters.com@reuters.net)) Keywords: MARKETS USCRUDE (For help: Click 'Contact Us' in your desk top, click here or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com ; +1 646-223-5546) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Mars sour weakened 10 cents a barrel to trade for $4.15 below West Texas Intermediate for November delivery . Light Louisiana Sweet differentials fell 15 cents to trade for 45 cents a barrel above WTI.
Oil futures slipped by $1.10 a barrel to $69.72 in post-settlement trade, after unemployment figures showed a rise in joblessness to the highest level since 1983. .
Rampant unemployment may hinder a recovery in demand for fuel from consumers and industry.
Despite a recent drop in gasoline inventories, refiners that buy physical crude are reluctant to buy more crude as margins remain poor and fuel stocks are still high.
November oil futures traded at a lesser discount, of 22 cents a barrel, to December barrels late Friday, versus a 43 cent a barrel discount late Thursday. U.S. benchmark crude traded at a $1.98 a barrel premium to Europe's Brent, versus a $1.68 a barrel premium late Thursday.
Poseidon sour traded for -$4.15, down 20 cents. West Texas Sour traded even with Thursday at -$2.75.
Thunder Horse traded even at -$1.80.
Alaska North Slope crude for November delivery fell 25 cents to trade for $1.15 a barrel below WTI.
California crude buyers lowered their posted prices by 85 cents a barrel.
See for Reuters' generic refining margins
See for the WTI front/second month spread
See for front month WTI/Brent futures spread
See for Reuters' assessment of Dated Brent
See for Reuters assessed tanker rates
See for assessed domestic crude differentials
See for outright U.S. cash crude prices
See for a list of U.S. refinery outages
See for U.S. EIA inventory reports and forecasts
See for recent cash crude deals --------------------------------------------------------------
(Reporting by Joshua Schneyer; Editing by Marguerita Choy)
((Email: joshua.schneyer@thomsonreuters.com; +1 646-223-6051; Reuters Messaging: joshua.schneyer.reuters.com@reuters.net)) Keywords: MARKETS USCRUDE (For help: Click 'Contact Us' in your desk top, click here or call 1-800-738-8377 for Reuters Products and 1-888-463-3383 for Thomson products; For client training: training.americas@thomsonreuters.com ; +1 646-223-5546) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.