HOUSTON, Nov 4 (Reuters) - Refiners facing weak margins and run cuts due to lack of demand left U.S. cash crude differentials mixed Wednesday as futures climbed, traders said.
Southern Green Canyon sour sold for $3.50 per barrel under West Texas Intermediate, 25 cents above offers Tuesday. Poseidon sour gained 5 cents to $2.55 under the screen.
But Light Louisiana Sweet sold for $1.25 over WTI, down 5 cents, and Mars sour dealt for $2.75 under the screen, 10 cents weaker.
Trading was slow despite a U.S. government inventory report showing draws in crude and products, often a signal to buy.
However, the report showed supply cuts not demand growth, analysts said. With the basic refinery margin around $5 a barrel, there was little incentive to buy.
On futures markets, December WTI rose 80 cents to $80.40. December Brent was up 78 cents to $78.89. Analysts cited Federal Reserve optimism on the economy. .
In the Midcontinent, cash West Texas Sour sold 5 cents weaker at $1.85 under the screen. WTI at Midland was unchanged at 50 cents under.
On the West Coast, Alaska North Slope crude oil last sold Wednesday for December delivery, unchanged at $2 a barrel under WTI.
Buyers of California crudes raised posted prices 80 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 Bruce Nichols; Editing by Marguerita Choy)
((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.
Southern Green Canyon sour sold for $3.50 per barrel under West Texas Intermediate, 25 cents above offers Tuesday. Poseidon sour gained 5 cents to $2.55 under the screen.
But Light Louisiana Sweet sold for $1.25 over WTI, down 5 cents, and Mars sour dealt for $2.75 under the screen, 10 cents weaker.
Trading was slow despite a U.S. government inventory report showing draws in crude and products, often a signal to buy.
However, the report showed supply cuts not demand growth, analysts said. With the basic refinery margin around $5 a barrel, there was little incentive to buy.
On futures markets, December WTI rose 80 cents to $80.40. December Brent was up 78 cents to $78.89. Analysts cited Federal Reserve optimism on the economy. .
In the Midcontinent, cash West Texas Sour sold 5 cents weaker at $1.85 under the screen. WTI at Midland was unchanged at 50 cents under.
On the West Coast, Alaska North Slope crude oil last sold Wednesday for December delivery, unchanged at $2 a barrel under WTI.
Buyers of California crudes raised posted prices 80 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 Bruce Nichols; Editing by Marguerita Choy)
((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.