HOUSTON, Feb 3 (Reuters) - Light Louisiana Sweet U.S. cash crude rose 10 cents to sell $1.50 a barrel over West Texas Intermediate on Wednesday, but Mars sour lost 15 cents to $2.15 under as futures fell and spreads were mixed.
Heavy Louisiana Sweet repeated Tuesday's down-up pattern, starting 30 cents under and ending at 15 under, with some market players seeing purchases for storage in the wake of the Jan. 22 fire at the Motiva Norco refinery, which uses HLS.
The March-April WTI spread narrowed to minus 45 cents from minus 49 as March WTI fell 25 cents to $76.98 a barrel. The WTI-Brent spread shrank to $1.06 from $1.17 as March Brent shed 14 cents to $75.92.
Stronger front-month WTI against second-month WTI or Brent tends to weaken cash crude differentials. Weaker front-month WTI tends to strengthen physical grades. When spreads are mixed, grades tend to be mixed.
Analysts said it was early in the cash trading month, and traders were waiting as the futures market bounces around. WTI slid to $72.89 a barrel on Friday, then rebounded to $77.23 on Tuesday. Futures market analysts cited economic news and the dollar.
'The real oil folks are having trouble understanding what's changed since last Friday that has prices soaring,' one cash market analyst said, citing persistently low crude runs, high petroleum inventories and weak demand.
For other cash crude deals, see.
The last publicly disclosed sale of Alaska North Slope crude was done even with WTI. Buyers with West Texas Intermediate, weaker by $1.25 a barrel. Buyers cut prices for California crudes 15 cents a barrel.
(Reporting by Bruce Nichols; Editing by Marguerita Choy)
((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 2010. 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.
Heavy Louisiana Sweet repeated Tuesday's down-up pattern, starting 30 cents under and ending at 15 under, with some market players seeing purchases for storage in the wake of the Jan. 22 fire at the Motiva Norco refinery, which uses HLS.
The March-April WTI spread narrowed to minus 45 cents from minus 49 as March WTI fell 25 cents to $76.98 a barrel. The WTI-Brent spread shrank to $1.06 from $1.17 as March Brent shed 14 cents to $75.92.
Stronger front-month WTI against second-month WTI or Brent tends to weaken cash crude differentials. Weaker front-month WTI tends to strengthen physical grades. When spreads are mixed, grades tend to be mixed.
Analysts said it was early in the cash trading month, and traders were waiting as the futures market bounces around. WTI slid to $72.89 a barrel on Friday, then rebounded to $77.23 on Tuesday. Futures market analysts cited economic news and the dollar.
'The real oil folks are having trouble understanding what's changed since last Friday that has prices soaring,' one cash market analyst said, citing persistently low crude runs, high petroleum inventories and weak demand.
For other cash crude deals, see.
The last publicly disclosed sale of Alaska North Slope crude was done even with WTI. Buyers with West Texas Intermediate, weaker by $1.25 a barrel. Buyers cut prices for California crudes 15 cents a barrel.
(Reporting by Bruce Nichols; Editing by Marguerita Choy)
((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 2010. 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.