HOUSTON, Aug 23 (Reuters) - U.S. cash crude differentials weakened on the first day of roll trade on Monday due to an oversupply, with the market shrugging off widening front month U.S crude futures spreads.
Light Louisiana Sweet sold 30 cents weaker than the last session Friday at $2.65 a barrel over West Texas Intermediate. Mars sour dealt down 20 cents at $2.25 under.
Weaker front-month WTI against either Brent or second-month WTI - that is, wider spreads - tends to weigh on cash crudes, but not Monday.
Roll period - when buyers can roll a contract into the next month by paying the roll or spread - often creates upward volatility as traders rush to close gaps in their monthly slates.
With a key Enbridge pipeline to the Midwest down for repair , Canadian oil is flowing elsewhere and pressuring other grades, including Gulf Coast grades, traders said.
For other cash crude deals, see.
Among futures, October WTI lost 72 cents to settle at $73.10 a barrel. October Brent ended down 60 cents at $73.62. Analysts cited down stock markets and a stronger dollar.
The last announced sale of Alaska North Slope crude for September delivery was for $1.00 a barrel under WTI on Aug. 11.
California crude buyers cut their posted prices by 35 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.
Light Louisiana Sweet sold 30 cents weaker than the last session Friday at $2.65 a barrel over West Texas Intermediate. Mars sour dealt down 20 cents at $2.25 under.
Weaker front-month WTI against either Brent or second-month WTI - that is, wider spreads - tends to weigh on cash crudes, but not Monday.
Roll period - when buyers can roll a contract into the next month by paying the roll or spread - often creates upward volatility as traders rush to close gaps in their monthly slates.
With a key Enbridge pipeline to the Midwest down for repair , Canadian oil is flowing elsewhere and pressuring other grades, including Gulf Coast grades, traders said.
For other cash crude deals, see.
Among futures, October WTI lost 72 cents to settle at $73.10 a barrel. October Brent ended down 60 cents at $73.62. Analysts cited down stock markets and a stronger dollar.
The last announced sale of Alaska North Slope crude for September delivery was for $1.00 a barrel under WTI on Aug. 11.
California crude buyers cut their posted prices by 35 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.