HOUSTON, Oct 9 (Reuters) - Sweets surged and sours edged upward on the U.S. cash crude market Friday as an uptick in refinery runs appeared to boost demand.
Light Louisiana Sweet gained 30 cents to sell as high as 90 cents a barrel over West Texas Intermediate. Mars sour dealt 25 cents stronger at $3.60 under.
The LLS-Mars spread has widened from around $2.00 in late August to between $4 and $5 now, and analysts said that signals more refinery demand for feedstock.
The U.S. Energy Information Administration Wednesday reported an uptick in refinery runs to 85 percent from 84.6 percent, lower crude inventories and higher fuel stocks.
On futures markets Friday, November WTI rose 8 cents to $71.77 a barrel. November Brent gained 23 cents to $70.00. Analysts said demand hopes overcame a stronger dollar.
The November-December WTI spread has widened past minus 40 cents from minus 14 cents Monday, a move that also would tend to support cash crudes.
Among other cash grades, Heavy Louisiana Sweet sold for 30 cents under the screen, up from minus 70 cents Wednesday. Poseidon sour went for minus $3.60, up 20 cents.
West Texas Sour sold 15 cents weaker at WTI minus $2.95 a barrel. WTI at Midland was heard selling for minus 43 cents, virtually unchanged.
On the West Coast, Alaska North Slope crude traded for $1.70 under the screen for December in the most recent publicly disclosed deal on Tuesday.
California crude buyers raised posted prices 10 cents after the move in WTI futures. --------------------------------------------------------------
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 Bruce Nichols; Editing by Christian Wiessner)
((Email: b.nichols@thomsonreuters.com; +1 713 210 8510; Reuters Messaging: bruce.nichols.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.
Light Louisiana Sweet gained 30 cents to sell as high as 90 cents a barrel over West Texas Intermediate. Mars sour dealt 25 cents stronger at $3.60 under.
The LLS-Mars spread has widened from around $2.00 in late August to between $4 and $5 now, and analysts said that signals more refinery demand for feedstock.
The U.S. Energy Information Administration Wednesday reported an uptick in refinery runs to 85 percent from 84.6 percent, lower crude inventories and higher fuel stocks.
On futures markets Friday, November WTI rose 8 cents to $71.77 a barrel. November Brent gained 23 cents to $70.00. Analysts said demand hopes overcame a stronger dollar.
The November-December WTI spread has widened past minus 40 cents from minus 14 cents Monday, a move that also would tend to support cash crudes.
Among other cash grades, Heavy Louisiana Sweet sold for 30 cents under the screen, up from minus 70 cents Wednesday. Poseidon sour went for minus $3.60, up 20 cents.
West Texas Sour sold 15 cents weaker at WTI minus $2.95 a barrel. WTI at Midland was heard selling for minus 43 cents, virtually unchanged.
On the West Coast, Alaska North Slope crude traded for $1.70 under the screen for December in the most recent publicly disclosed deal on Tuesday.
California crude buyers raised posted prices 10 cents after the move in WTI futures. --------------------------------------------------------------
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 Bruce Nichols; Editing by Christian Wiessner)
((Email: b.nichols@thomsonreuters.com; +1 713 210 8510; Reuters Messaging: bruce.nichols.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.