NEW YORK, June 29 (Reuters) - U.S. cash crude differentials
weakened slightly Monday after refining margins fell and a
spate of coker run cuts reduced spot crude demand.
Light Louisiana Sweet weakened 5 cents to $1.55 above West Texas Intermediate. Mars sour weakened 5 cents to $2.90 a barrel below WTI. Heavy Louisiana Sweet was down 10 cents to WTI plus 40 cents.
Valero Corp. said Monday it continued to cut back on use of coker facilities at its refineries due to low margins. Cokers run heavy and sour crudes and the units' scale back during a season usually characterized by high run rates has helped weaken the price differentials for those crudes.
Crude futures soared on Monday by $2.46 a barrel to $71.62 after market settlement, as Nigerian rebel attacks on oil facilities there, and gains in equities markets, helped push prices higher.
U.S. refining margins fell last week in most regions of the country. They fell by $3.80 a barrel to $6.62 a barrel on the Gulf Coast, while dipping $3.61 a barrel to $9.34 in the Midwest, according to Credit Suisse. Margins rose only in the Rockies region, Credit Suisse said, by $1.93 to $21.35 a barrel.
Among other cash grades, West Texas Sour sold for -$1.90, unchanged from Friday. Poseidon Sour sold for -$3.00. Bonito sour sold for -90 cents, and Eugene Island crude sold for -$1.75.
On the West Coast, Alaskan North Slope crude for August sold 25 cents over WTI in the last disclosed deal on Thursday.
Buyers raised posted prices for California crude by $2.35 a barrel.
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(Reporting by Joshua Schneyer)
((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.
Light Louisiana Sweet weakened 5 cents to $1.55 above West Texas Intermediate. Mars sour weakened 5 cents to $2.90 a barrel below WTI. Heavy Louisiana Sweet was down 10 cents to WTI plus 40 cents.
Valero Corp. said Monday it continued to cut back on use of coker facilities at its refineries due to low margins. Cokers run heavy and sour crudes and the units' scale back during a season usually characterized by high run rates has helped weaken the price differentials for those crudes.
Crude futures soared on Monday by $2.46 a barrel to $71.62 after market settlement, as Nigerian rebel attacks on oil facilities there, and gains in equities markets, helped push prices higher.
U.S. refining margins fell last week in most regions of the country. They fell by $3.80 a barrel to $6.62 a barrel on the Gulf Coast, while dipping $3.61 a barrel to $9.34 in the Midwest, according to Credit Suisse. Margins rose only in the Rockies region, Credit Suisse said, by $1.93 to $21.35 a barrel.
Among other cash grades, West Texas Sour sold for -$1.90, unchanged from Friday. Poseidon Sour sold for -$3.00. Bonito sour sold for -90 cents, and Eugene Island crude sold for -$1.75.
On the West Coast, Alaskan North Slope crude for August sold 25 cents over WTI in the last disclosed deal on Thursday.
Buyers raised posted prices for California crude by $2.35 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)
((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.