NEW YORK, Sept 17 (Reuters) - U.S. cash crude grades strengthened on Thursday as oil futures steadied and refiner demand may be picking up ahead of colder weather and heating oil season.
Light Louisiana Sweet rose 10 cents to trade for 65 cents a barrel above West Texas Intermediate. Bonito gained 20 cents to trade for $2.20 below WTI, as Mars gained 40 cents to trade for $4.20 a barrel below WTI. Poseidon gained 50 cents to trade for minus $4.15.
U.S. oil futures fell 1 cent a barrel to trade for $72.50 a barrel after market settlement. October barrels were discounted by 44 cents to November barrels, up from 41 cents a barrel on Wednesday. A widening spread usually strengthens cash barrels.
Brent for November delivery traded down 5 cents a barrel for $71.62, a $1.26 a barrel discount to comparable-month WTI barrels.
Refineries may ramp up usage of crude oil in order to meet demand for more heating oil as the weather gets colder, despite soaring U.S. distillate stocks, one trader said.
Eugene Island crude traded for $2.10 below WTI, down from -$1.45 on Sept 14.
The pipeline unit of Shell said it restarted the Eugene Island pipeline in the U.S. Gulf of Mexico on Sept 10, after it had been shut by a leak July 25.
The key link bringing offshore Gulf crudes ashore was shut July 25 after a leak of crude oil about 33 miles (53 km) off Louisiana and about 60 miles (97 km) southwest of Houma, Louisiana.
Heavy Louisiana Sweet traded for 10 cents above WTI, up from -15 cents on Sept 11. West Texas Sour exchanged hands for -$2.20.
Alaska North Slope crude oil for November delivery last sold publicly Wednesday for 90 cents a barrel under WTI, unchanged, traders said.
California buyers left posted prices unchanged Thursday. --------------------------------------------------------------
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.
Light Louisiana Sweet rose 10 cents to trade for 65 cents a barrel above West Texas Intermediate. Bonito gained 20 cents to trade for $2.20 below WTI, as Mars gained 40 cents to trade for $4.20 a barrel below WTI. Poseidon gained 50 cents to trade for minus $4.15.
U.S. oil futures fell 1 cent a barrel to trade for $72.50 a barrel after market settlement. October barrels were discounted by 44 cents to November barrels, up from 41 cents a barrel on Wednesday. A widening spread usually strengthens cash barrels.
Brent for November delivery traded down 5 cents a barrel for $71.62, a $1.26 a barrel discount to comparable-month WTI barrels.
Refineries may ramp up usage of crude oil in order to meet demand for more heating oil as the weather gets colder, despite soaring U.S. distillate stocks, one trader said.
Eugene Island crude traded for $2.10 below WTI, down from -$1.45 on Sept 14.
The pipeline unit of Shell said it restarted the Eugene Island pipeline in the U.S. Gulf of Mexico on Sept 10, after it had been shut by a leak July 25.
The key link bringing offshore Gulf crudes ashore was shut July 25 after a leak of crude oil about 33 miles (53 km) off Louisiana and about 60 miles (97 km) southwest of Houma, Louisiana.
Heavy Louisiana Sweet traded for 10 cents above WTI, up from -15 cents on Sept 11. West Texas Sour exchanged hands for -$2.20.
Alaska North Slope crude oil for November delivery last sold publicly Wednesday for 90 cents a barrel under WTI, unchanged, traders said.
California buyers left posted prices unchanged Thursday. --------------------------------------------------------------
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.
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