HOUSTON, May 20 (Reuters) - U.S. cash crude differentials weakened, strengthened, then weakened again Thursday as June West Texas Intermediate expired in New York.
Premiums for Light Louisiana Sweet bounced from $5.15 to $7.00 before ending the day dealing at $5.25 over the screen, down 25 cents.
Mars sour dealt from 50 cents over to $2.00 over WTI, then finished the day drawing bids of plus 70 cents against offers $1.50 over the screen.
Southern Green Canyon, which caused a stir earlier this week by selling for $2.25 over WTI, stronger than Mars that day, weakened $1.00 to plus $1.25 Thursday.
For other cash crude deals, see.
Traders and brokers cited spread volatility on the last day for June WTI. Weaker front-month WTI in spreads drive grades up. Stronger front-month WTI in spreads drives grades down.
The June-July WTI spread bounced from $2.40 to $4.20 back to a $2.00 contango. The July WTI-Brent spread ended where it began, minus $1.10 after narrowing to minus 70 cents.
'Whacky day for sure,' a broker said.
On futures markets, June WTI expired down $1.86 at $68.01 a barrel. July Brent skidded $1.85 to $71.84. Analysts cited a late rally in the euro despite euro-zone troubles.
Alaska North Slope crude for July delivery sold for 50 cents under WTI, unchanged from deals Wednesday. The last previous disclosed sale was May 6 for June at $1.05 under.
Buyers of California crudes cut posted prices $1.75 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 Rene Pastor) ((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.
Premiums for Light Louisiana Sweet bounced from $5.15 to $7.00 before ending the day dealing at $5.25 over the screen, down 25 cents.
Mars sour dealt from 50 cents over to $2.00 over WTI, then finished the day drawing bids of plus 70 cents against offers $1.50 over the screen.
Southern Green Canyon, which caused a stir earlier this week by selling for $2.25 over WTI, stronger than Mars that day, weakened $1.00 to plus $1.25 Thursday.
For other cash crude deals, see.
Traders and brokers cited spread volatility on the last day for June WTI. Weaker front-month WTI in spreads drive grades up. Stronger front-month WTI in spreads drives grades down.
The June-July WTI spread bounced from $2.40 to $4.20 back to a $2.00 contango. The July WTI-Brent spread ended where it began, minus $1.10 after narrowing to minus 70 cents.
'Whacky day for sure,' a broker said.
On futures markets, June WTI expired down $1.86 at $68.01 a barrel. July Brent skidded $1.85 to $71.84. Analysts cited a late rally in the euro despite euro-zone troubles.
Alaska North Slope crude for July delivery sold for 50 cents under WTI, unchanged from deals Wednesday. The last previous disclosed sale was May 6 for June at $1.05 under.
Buyers of California crudes cut posted prices $1.75 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 Rene Pastor) ((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.