HOUSTON, March 6 (Reuters) - Mars sour led U.S. cash
crudes weaker Friday as the trans-Atlantic spread reversed,
with West Texas Intermediate settling higher than Brent for the first time in months.
Mars slid from $1.55 to 50 cents over WTI during the day, $2.00 weaker than deals Thursday. Light Louisiana Sweet slid 80 cents to +$2.70.
WTI at a premium to Brent tends to weigh on differentials because Brent-priced imports compete with U.S. cash grades. Sours also were pressured by BP Texas City using sweeter grades while repairing a sulfur unit, traders said.
On futures markets, April WTI settled $1.91 higher at $45.52. April Brent gained $1.21 to $44.85. WTI settled at a premium to Brent - 67 cents - for the first time since Dec. 11.
Among other cash crudes, Poseidon sour lost 30 cents to +$1.50. WTI at Midland strengthened 8 cents to 7 cents under WTI.
On the West Coast, Alaska North Slope crude weakened $1.95 to sell for $1.05 a barrel over WTI in a deal for a 600,000-barrel cargo to be delivered in April.
Buyers raised posted prices for California crudes $2.15 to $2.40 a barrel, roughly in line with the rise in WTI.
============================================================== DATA LINKS: Energy Speed Guide Crude Speed Guide NYMEX WTI futures ICE Brent futures US crude prices US crude differentials Freight rates
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(Reporting by Joshua Schneyer; Editing by David Gregorio)
((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 slid from $1.55 to 50 cents over WTI during the day, $2.00 weaker than deals Thursday. Light Louisiana Sweet slid 80 cents to +$2.70.
WTI at a premium to Brent tends to weigh on differentials because Brent-priced imports compete with U.S. cash grades. Sours also were pressured by BP Texas City using sweeter grades while repairing a sulfur unit, traders said.
On futures markets, April WTI settled $1.91 higher at $45.52. April Brent gained $1.21 to $44.85. WTI settled at a premium to Brent - 67 cents - for the first time since Dec. 11.
Among other cash crudes, Poseidon sour lost 30 cents to +$1.50. WTI at Midland strengthened 8 cents to 7 cents under WTI.
On the West Coast, Alaska North Slope crude weakened $1.95 to sell for $1.05 a barrel over WTI in a deal for a 600,000-barrel cargo to be delivered in April.
Buyers raised posted prices for California crudes $2.15 to $2.40 a barrel, roughly in line with the rise in WTI.
============================================================== DATA LINKS: Energy Speed Guide Crude Speed Guide NYMEX WTI futures ICE Brent futures US crude prices US crude differentials Freight rates
NEWS LINKS: NYMEX Market reports ICE market reports US Cash crude deals Foreign crude deals Dirty tanker news Dirty tanker fixtures Weekly US oil data US crude outlook US Refinery outages US Cash oil products US products outlook ............................................................
(Reporting by Joshua Schneyer; Editing by David Gregorio)
((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.