NEW YORK, Oct 15 (Reuters) - U.S. cash crude grades were little changed on Thursday as crude futures rose to a one-year high after U.S. data showed an sharp drop in product stocks last week.
Light Louisiana Sweet traded up 10 cents a barrel at 80 cents above West Texas Intermediate. Mars sour was unchanged at $3.70 below WTI.
On futures markets, November WTI surged by $2.40 a barrel, after touching a 2009 high of $77.97 earlier. The rally came after U.S. inventory data showed a sharp drop in gasoline and distillate inventories last week.
November Brent gained $1.35 to $74.44 in post-settlement trade.
November WTI futures traded at a 50 cent a barrel discount to December barrels, up from a 43 cent discount Wednesday. Front-month WTI traded at a $3.17 a barrel premium to Brent, versus a $2.06 premium Tuesday. The growing gap between Brent and WTI could attract more imported crude grades to the United States.
U.S. refiners have remained slow to buy more crude oil as refining margins remain poor.
Among other cash grades, West Texas Sour traded for -$2.60 a barrel, up 25 cents. WTI at Midland sold for minus 44 cents, down 2 cents a barrel.
Thunder Horse traded down 5 cents from Wednesday, at -$1.45. Poseidon traded for -$3.60, even with Wednesday.
On the West Coast, Alaska North Slope crude last sold on Wednesday at $2.00 per barrel under West Texas Intermediate.
Buyers in California raised posted prices by $2.35 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 Walter Bagley)
((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.
Light Louisiana Sweet traded up 10 cents a barrel at 80 cents above West Texas Intermediate. Mars sour was unchanged at $3.70 below WTI.
On futures markets, November WTI surged by $2.40 a barrel, after touching a 2009 high of $77.97 earlier. The rally came after U.S. inventory data showed a sharp drop in gasoline and distillate inventories last week.
November Brent gained $1.35 to $74.44 in post-settlement trade.
November WTI futures traded at a 50 cent a barrel discount to December barrels, up from a 43 cent discount Wednesday. Front-month WTI traded at a $3.17 a barrel premium to Brent, versus a $2.06 premium Tuesday. The growing gap between Brent and WTI could attract more imported crude grades to the United States.
U.S. refiners have remained slow to buy more crude oil as refining margins remain poor.
Among other cash grades, West Texas Sour traded for -$2.60 a barrel, up 25 cents. WTI at Midland sold for minus 44 cents, down 2 cents a barrel.
Thunder Horse traded down 5 cents from Wednesday, at -$1.45. Poseidon traded for -$3.60, even with Wednesday.
On the West Coast, Alaska North Slope crude last sold on Wednesday at $2.00 per barrel under West Texas Intermediate.
Buyers in California raised posted prices by $2.35 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 Walter Bagley)
((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.