HOUSTON, Aug 10 (Reuters) - U.S. cash crude differentials weakened on Tuesday as West Texas Intermediate futures fell sharply but gained on North Sea Brent.
Front-month WTI gains against Brent tends to weaken cash crude differentials because Gulf Coast grades compete with imports based on the North Sea benchmark.
Light Louisiana Sweet shed 30 cents from a morning high of $3.05 a barrel over WTI to $2.75 over at day's end. LLS was 50 cents weaker than in day-earlier trading.
Mars sour sold for $2.80 a barrel under the screen, down 45 cents.
For other cash crude deals, see.
U.S. crude for September delivery fell $1.23 to $80.25 a barrel. September Brent slid $1.39 to 79.60.
Analysts cited a Federal Reserve decision to keep interest rates low for lifting WTI from the day's low of $79.20 a barrel, which was hit amid pessimism about the economy.
WTI's margin over Brent increased 14 cents to 65 cents at settlement. The September-October WTI spread was little changed.
California crude buyers cut their posted prices by $1.25 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 Sofina Mirza-Reid)
((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.
Front-month WTI gains against Brent tends to weaken cash crude differentials because Gulf Coast grades compete with imports based on the North Sea benchmark.
Light Louisiana Sweet shed 30 cents from a morning high of $3.05 a barrel over WTI to $2.75 over at day's end. LLS was 50 cents weaker than in day-earlier trading.
Mars sour sold for $2.80 a barrel under the screen, down 45 cents.
For other cash crude deals, see.
U.S. crude for September delivery fell $1.23 to $80.25 a barrel. September Brent slid $1.39 to 79.60.
Analysts cited a Federal Reserve decision to keep interest rates low for lifting WTI from the day's low of $79.20 a barrel, which was hit amid pessimism about the economy.
WTI's margin over Brent increased 14 cents to 65 cents at settlement. The September-October WTI spread was little changed.
California crude buyers cut their posted prices by $1.25 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 Sofina Mirza-Reid)
((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.