HOUSTON, April 16 (Reuters) - U.S. cash crude differentials leaped on Friday as Brent started trading for June and weakened but kept its premium over West Texas Intermediate.
Light Louisiana Sweet sold as high as $5.00 a barrel over WTI, up $1.10, before pulling back to $4.80, finishing the day 90 cents stronger.
Mars sour changed hands as strongly as 50 cents under the screens, up $1, before ending at 60 cents under and, like LLS, stronger by 90 cents.
Heavy Louisiana Sweet soared more than $1 to $4.50 over WTI but ended at plus $3.90, up 75 cents.
Other cash crude differentials also bulked up against WTI. See for a list of deals.
On futures markets, both the May-June WTI contango and the WTI-Brent spread widened against WTI, moves which tend to strengthen U.S. cash crudes.
Spreads rode a roller coaster, though, and traders scramble to keep up with futures market volatility.
The May-June WTI contango narrowed to minus $1.18, deepened to minus $1.55, then finished at minus $1.43.
The June WTI-Brent spread started at minus 84 cents, yawned to minus $2.30 and ended at minus $1.32.
May WTI shed $2.27 to $83.24 a barrel. June Brent fell $1.60 to $85.99.
Analysts cited more jobless claims, weaker consumer sentiment and civil fraud charges filed against Goldman Sachs for a stronger dollar, which weighed on crude.
Alaska North Slope crude oil for June delivery sold for $2.80 a barrel under WTI, 45 cents stronger than the last previous sale for May at $3.25 a barrel under the screen.
Buyers of California crudes cut posted prices $2.35 cents a barrel in line with the move in front-month WTI.
(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.
Light Louisiana Sweet sold as high as $5.00 a barrel over WTI, up $1.10, before pulling back to $4.80, finishing the day 90 cents stronger.
Mars sour changed hands as strongly as 50 cents under the screens, up $1, before ending at 60 cents under and, like LLS, stronger by 90 cents.
Heavy Louisiana Sweet soared more than $1 to $4.50 over WTI but ended at plus $3.90, up 75 cents.
Other cash crude differentials also bulked up against WTI. See for a list of deals.
On futures markets, both the May-June WTI contango and the WTI-Brent spread widened against WTI, moves which tend to strengthen U.S. cash crudes.
Spreads rode a roller coaster, though, and traders scramble to keep up with futures market volatility.
The May-June WTI contango narrowed to minus $1.18, deepened to minus $1.55, then finished at minus $1.43.
The June WTI-Brent spread started at minus 84 cents, yawned to minus $2.30 and ended at minus $1.32.
May WTI shed $2.27 to $83.24 a barrel. June Brent fell $1.60 to $85.99.
Analysts cited more jobless claims, weaker consumer sentiment and civil fraud charges filed against Goldman Sachs for a stronger dollar, which weighed on crude.
Alaska North Slope crude oil for June delivery sold for $2.80 a barrel under WTI, 45 cents stronger than the last previous sale for May at $3.25 a barrel under the screen.
Buyers of California crudes cut posted prices $2.35 cents a barrel in line with the move in front-month WTI.
(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.