HOUSTON, Nov 2 (Reuters) - U.S. cash crudes strengthened Monday on weaker trans-Atlantic and front-month calendar spreads, but traders said business was slow.
Light Louisiana Sweet gained 5 cents to sell for $1.15 over West Texas Intermediate. Mars sour sold 20 cents stronger at $3.00 under.
'They strengthened towards the end of the day, but there was not much movement out there at all today,' a broker said.
With the economy recovering, energy demand weak and oil futures following the dollar up and down, cash differentials to WTI futures have been rangebound, market participants said.
Cash trades are for physical delivery of actual crude oil for refining. Futures trades are done for financial reasons such as hedging, but cash trades are priced at differentials to WTI.
On futures markets, December WTI gained $1.13 to $78.13 a barrel. December Brent rose $1.35 to $76.55.
WTI weakened 22 cents against Brent to plus $1.58 . The front-month WTI spread widened 5 cents to minus 69 cents. Both moves supported cash crude differentials.
Among other cash crudes, Heavy Louisiana Sweet gained 15 cents to 30 cents under the screen. Poseidon sour rose 25 cents to minus $2.90.
In the Midcontinent, WTI at Midland sold 4 cents weaker at 46 cents under and West Texas Sour dealt 5 cents stronger for $2.05 under.
On the West Coast, Alaska North Slope crude oil last sold Wednesday for December delivery, unchanged at $2 a barrel under WTI.
Buyers of California crudes raised posted prices $1.15 a barrel. --------------------------------------------------------------
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 Bruce Nichols; Editing by David Gregorio)
((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 gained 5 cents to sell for $1.15 over West Texas Intermediate. Mars sour sold 20 cents stronger at $3.00 under.
'They strengthened towards the end of the day, but there was not much movement out there at all today,' a broker said.
With the economy recovering, energy demand weak and oil futures following the dollar up and down, cash differentials to WTI futures have been rangebound, market participants said.
Cash trades are for physical delivery of actual crude oil for refining. Futures trades are done for financial reasons such as hedging, but cash trades are priced at differentials to WTI.
On futures markets, December WTI gained $1.13 to $78.13 a barrel. December Brent rose $1.35 to $76.55.
WTI weakened 22 cents against Brent to plus $1.58 . The front-month WTI spread widened 5 cents to minus 69 cents. Both moves supported cash crude differentials.
Among other cash crudes, Heavy Louisiana Sweet gained 15 cents to 30 cents under the screen. Poseidon sour rose 25 cents to minus $2.90.
In the Midcontinent, WTI at Midland sold 4 cents weaker at 46 cents under and West Texas Sour dealt 5 cents stronger for $2.05 under.
On the West Coast, Alaska North Slope crude oil last sold Wednesday for December delivery, unchanged at $2 a barrel under WTI.
Buyers of California crudes raised posted prices $1.15 a barrel. --------------------------------------------------------------
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 Bruce Nichols; Editing by David Gregorio)
((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.
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