HOUSTON, Nov 3 (Reuters) - U.S. cash crudes strengthened on Wednesday with buyers looking to supply refineries returning from maintenance despite soaring benchmarks due to optimism and a weaker dollar, traders and brokers said Wednesday.
Light Louisiana Sweet gained 15 cents to sell for $3.50 over West Texas Intermediate. Mars sour strengthened 25 cents, dealing for $1.50 under. There were January cash deals for LLS as high as $3.10 over the screen, up 15 cents.
For other cash crude deals, see.
Traders and brokers cited refinery demand as the U.S. government weekly petroleum inventory report showed gasoline and diesel supplies down sharply. The report also showed growth in crude stocks, but markets focused on the products decline.
Front-month WTI weakened in the trans-Atlantic spread, which tends to lift cash crude differentials because they compete with imports priced against North Sea benchmark Brent. The front-month to second-month WTI spread was flat.
On futures markets, December WTI rose 79 cents to $84.69 a barrel. December Brent rose 97 cents to $86.38. The WTI-Brent spread widened to minus $1.69 from $1.51 in favor of Brent Tuesday.
Analysts of futures markets cited action by the U.S. Federal Reserve to pump money into the economy, boosting optimism and weakening the dollar.
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 and Janet McGurty; Editing by David Gregorio)
((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 gained 15 cents to sell for $3.50 over West Texas Intermediate. Mars sour strengthened 25 cents, dealing for $1.50 under. There were January cash deals for LLS as high as $3.10 over the screen, up 15 cents.
For other cash crude deals, see.
Traders and brokers cited refinery demand as the U.S. government weekly petroleum inventory report showed gasoline and diesel supplies down sharply. The report also showed growth in crude stocks, but markets focused on the products decline.
Front-month WTI weakened in the trans-Atlantic spread, which tends to lift cash crude differentials because they compete with imports priced against North Sea benchmark Brent. The front-month to second-month WTI spread was flat.
On futures markets, December WTI rose 79 cents to $84.69 a barrel. December Brent rose 97 cents to $86.38. The WTI-Brent spread widened to minus $1.69 from $1.51 in favor of Brent Tuesday.
Analysts of futures markets cited action by the U.S. Federal Reserve to pump money into the economy, boosting optimism and weakening the dollar.
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 and Janet McGurty; Editing by David Gregorio)
((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.