NEW YORK, Aug 12 (Reuters) - U.S. cash crude differentials weakened slightly after U.S. crude stocks rose more than expected last week.
Mars sour traded down 10 cents at 30 cents a barrel above West Texas Intermediate, after trading at 40 cents above WTI late Tuesday. Light Louisiana Sweet traded for +$3.80, down 10 cents from Tuesday. Bonito sour traded at $2.05. It had lasted traded publicly at +$2.20 on August 5.
U.S. crude stocks rose a greater-than-expected 2.5 million barrels in the week through August 7, to 352 million barrels, according to data from the Department of Energy earlier Wednesday.
The oil futures market shrugged off the rising inventories and WTI futures rose by $1.14 a barrel to $70.59 after settlement. The discount for September delivery barrels to October barrels was $1.87, up 1 cent from $1.86 late Tuesday. Europe's Brent crude was up 94 cents a barrel to $73.40 a barrel.
The Shell-operated Eugene Island offshore crude pipeline in the U.S. Gulf of Mexico, which typically carries sour crude, should restart in late September following repairs, Shell said late Tuesday. The pipeline has been down since a leak was discovered in late July.
Shell had earlier said it was able to divert most of the 100,000 barrels a day of crude it usually runs through Eugene Island pipeline to other pipelines, minimizing the impact on U.S. Gulf Coast supplies. The diverted crude is flowing through the Amberjack and Cougar/Whitecap systems, Shell said Tuesday.
Other grades traded Wednesday included Thunder Horse , which exchanged hands for $2.90 a barrel above WTI, down from +$2.95 on Tuesday. West Texas Sour for October delivery traded for $2.00 a barrel below WTI, even with Tuesday's differentials.
On the West Coast, Alaska North Slope crude last dealt last Tuesday at 25 cents a barrel under WTI for September delivery. ANS for October delivery sold last Thursday at 35 cents under.
Buyers of California crudes raised posted prices by 70 cents a barrel.
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(Reporting by Joshua Schneyer; Editing by David Gregorio)
((Email: joshua.schneyer@thomsonreuters.com; +1 646 223 6051; Reuters Messaging: bruce.nichols.reuters.com@reuters.net)) Keywords: MARKETS USCRUDE 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 sour traded down 10 cents at 30 cents a barrel above West Texas Intermediate, after trading at 40 cents above WTI late Tuesday. Light Louisiana Sweet traded for +$3.80, down 10 cents from Tuesday. Bonito sour traded at $2.05. It had lasted traded publicly at +$2.20 on August 5.
U.S. crude stocks rose a greater-than-expected 2.5 million barrels in the week through August 7, to 352 million barrels, according to data from the Department of Energy earlier Wednesday.
The oil futures market shrugged off the rising inventories and WTI futures rose by $1.14 a barrel to $70.59 after settlement. The discount for September delivery barrels to October barrels was $1.87, up 1 cent from $1.86 late Tuesday. Europe's Brent crude was up 94 cents a barrel to $73.40 a barrel.
The Shell-operated Eugene Island offshore crude pipeline in the U.S. Gulf of Mexico, which typically carries sour crude, should restart in late September following repairs, Shell said late Tuesday. The pipeline has been down since a leak was discovered in late July.
Shell had earlier said it was able to divert most of the 100,000 barrels a day of crude it usually runs through Eugene Island pipeline to other pipelines, minimizing the impact on U.S. Gulf Coast supplies. The diverted crude is flowing through the Amberjack and Cougar/Whitecap systems, Shell said Tuesday.
Other grades traded Wednesday included Thunder Horse , which exchanged hands for $2.90 a barrel above WTI, down from +$2.95 on Tuesday. West Texas Sour for October delivery traded for $2.00 a barrel below WTI, even with Tuesday's differentials.
On the West Coast, Alaska North Slope crude last dealt last Tuesday at 25 cents a barrel under WTI for September delivery. ANS for October delivery sold last Thursday at 35 cents under.
Buyers of California crudes raised posted prices by 70 cents 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 David Gregorio)
((Email: joshua.schneyer@thomsonreuters.com; +1 646 223 6051; Reuters Messaging: bruce.nichols.reuters.com@reuters.net)) Keywords: MARKETS USCRUDE 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.