HOUSTON, June 23 (Reuters) - U.S. cash crudes weakened during the first day of roll trade on Wednesday as lack of demand trumped deadline pressure in end-of-the-month dealing.
Roll period, the three days after a futures contract expiry ending with the pipeline-scheduling deadline, often sees cash crude buyers paying premiums to close their monthly books.
But an increase in crude inventories reported by the U.S. government fed market dyspepsia over too much supply and too little demand, despite signs of economic recovery.
Light Louisiana Sweet weakened 70 cents from Monday's session to sell for $3.50 a barrel over West Texas Intermediate.
Mars sour slid 40 cents to sell for 80 cents a barrel under WTI. Thunder Horse declined 40 cents in value, dealing for 80 cents over after selling for $1.20 over on Monday.
For other cash crude deals, see.
On futures markets, August WTI shed $1.50 to settle at $76.35 a barrel. August Brent fell $1.77 to $76.27, falling to a small discount against WTI.
Analysts cited the inventory numbers as well as a tepid assessment of economic recovery by the Federal Reserve's Open Market Committee.
The last publicly announced sale of Alaska North Slope crude occurred June 16 for August delivery at 25 cents a barrel over WTI.
Crude buyers in California cut posted prices 60 to 65 cents 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 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.
Roll period, the three days after a futures contract expiry ending with the pipeline-scheduling deadline, often sees cash crude buyers paying premiums to close their monthly books.
But an increase in crude inventories reported by the U.S. government fed market dyspepsia over too much supply and too little demand, despite signs of economic recovery.
Light Louisiana Sweet weakened 70 cents from Monday's session to sell for $3.50 a barrel over West Texas Intermediate.
Mars sour slid 40 cents to sell for 80 cents a barrel under WTI. Thunder Horse declined 40 cents in value, dealing for 80 cents over after selling for $1.20 over on Monday.
For other cash crude deals, see.
On futures markets, August WTI shed $1.50 to settle at $76.35 a barrel. August Brent fell $1.77 to $76.27, falling to a small discount against WTI.
Analysts cited the inventory numbers as well as a tepid assessment of economic recovery by the Federal Reserve's Open Market Committee.
The last publicly announced sale of Alaska North Slope crude occurred June 16 for August delivery at 25 cents a barrel over WTI.
Crude buyers in California cut posted prices 60 to 65 cents 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 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.