HOUSTON, June 19 (Reuters) - Heavy Louisiana Sweet
rebounded sharply Friday on the U.S. cash crude market, but
most other grades weakened, traders said.
HLS gained 40 cents to sell for 50 cents a barrel over West Texas Intermediate. It had sold as weakly as 25 cents under WTI on Tuesday.
Otherwise, both sour and sweet grades weakened. Mars slumped 30 cents to -$3.90. Light Louisiana Sweet fell 20 cents to +$1.55 but was still in range of recent deals.
Traders said HLS weakened too much and refineries were returning from repair. HLS also was lifted by the likelihood of competing Angolan costing more in August, traders said.
When sweet grades get cheap enough, refiners who have been using sour sometimes switch back to easier-to-refine sweet, analysts said.
On futures markets, July WTI lost $1.82 to close at $69.55 a barrel. August Brent shed $1.87 to $69.19. A sharp decline in gasoline led the way, analysts said.
Among other cash crudes, August LLS eased 15 cents at $1.30 over the screen. August Mars changed hands for -$3.40, lower by 35 cents.
July Poseidon lost 65 cents to $3.75 a barrel under WTI. Bonito sour remained at -90 cents. Southern Green Canyon weakened 70 cents to -$4.80.
West Texas Sour lost 20 cents to -$2.10. An exception was WTI at Midland, which gained 5 cents to sell for 25 cents a barrel under WTI.
On the West Coast, Alaskan North Slope crude for August sold 25 cents over WTI in the last disclosed deal Tuesday. July ANS last sold for 35 cents under June 9.
Buyers slashed posted prices for California crude $1.80 a barrel.
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(Reporting by Joshua Schneyer; 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.
HLS gained 40 cents to sell for 50 cents a barrel over West Texas Intermediate. It had sold as weakly as 25 cents under WTI on Tuesday.
Otherwise, both sour and sweet grades weakened. Mars slumped 30 cents to -$3.90. Light Louisiana Sweet fell 20 cents to +$1.55 but was still in range of recent deals.
Traders said HLS weakened too much and refineries were returning from repair. HLS also was lifted by the likelihood of competing Angolan costing more in August, traders said.
When sweet grades get cheap enough, refiners who have been using sour sometimes switch back to easier-to-refine sweet, analysts said.
On futures markets, July WTI lost $1.82 to close at $69.55 a barrel. August Brent shed $1.87 to $69.19. A sharp decline in gasoline led the way, analysts said.
Among other cash crudes, August LLS eased 15 cents at $1.30 over the screen. August Mars changed hands for -$3.40, lower by 35 cents.
July Poseidon lost 65 cents to $3.75 a barrel under WTI. Bonito sour remained at -90 cents. Southern Green Canyon weakened 70 cents to -$4.80.
West Texas Sour lost 20 cents to -$2.10. An exception was WTI at Midland, which gained 5 cents to sell for 25 cents a barrel under WTI.
On the West Coast, Alaskan North Slope crude for August sold 25 cents over WTI in the last disclosed deal Tuesday. July ANS last sold for 35 cents under June 9.
Buyers slashed posted prices for California crude $1.80 a barrel.
==========================================================
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 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.