NEW YORK, Aug 13 - U.S. cash crude differentials strengthened slightly on Thursday as the contango curve in oil futures markets steepened and Brent's premium to U.S. crude increased.
Mars sour MRS- traded for 35 cents above West Texas Intermediate CLc1, up 5 cents from yesterday. Bonito sour BS- rose 15 cents to trade for $2.20 a barrel above WTI, up from +$2.05 yesterday. Light Louisiana Sweet LLS- was up 5 cents from Wednesday to trade at +$3.85.
U.S. crude futures rose 83 cents a barrel to $70.99 after market settlement, tracking gains in U.S. equities, on optimism for economic recovery. [O/R]
Barrels for delivery in September widened their contango discount to barrels for October delivery, to $1.97 from $1.87 late Wednesday. As the contango discount steepens, U.S. cash crude grades typically firm against WTI.
Brent futures LCO1 rise $1.11 a barrel to $74.00. Brent was trading at a premium of $3.01 a barrel to WTI, up from $2.81 yesterday. A Brent premium often helps to strengthen U.S. cash grades.
Other grades traded Thursday included Thunder Horse THH-, which exchanged hands for $2.90 a barrel above WTI, even with WTI. Poseidon sour PSD- traded at up to 35 cents above WTI, down from as much as 55 cents above WTI on Tuesday when it last traded publicly. WTI at Midland WTM- exchanged hands for 5 cents above WTI, even with its differential from Tuesday. Heavy Louisiana Sweet HLS- traded for $3.45 a barrel above WTI, up 45 cents a barrel since Monday.
On the West Coast, Alaska North Slope crude ASW- last dealt last Tuesday at 25 cents a barrel under WTI for September delivery. ANS for October delivery sold last Thursday at 35 cents under.
Buyers of California crudes raised posted prices by 35 cents a barrel.
Mars sour MRS- traded for 35 cents above West Texas Intermediate CLc1, up 5 cents from yesterday. Bonito sour BS- rose 15 cents to trade for $2.20 a barrel above WTI, up from +$2.05 yesterday. Light Louisiana Sweet LLS- was up 5 cents from Wednesday to trade at +$3.85.
U.S. crude futures rose 83 cents a barrel to $70.99 after market settlement, tracking gains in U.S. equities, on optimism for economic recovery. [O/R]
Barrels for delivery in September widened their contango discount to barrels for October delivery, to $1.97 from $1.87 late Wednesday. As the contango discount steepens, U.S. cash crude grades typically firm against WTI.
Brent futures LCO1 rise $1.11 a barrel to $74.00. Brent was trading at a premium of $3.01 a barrel to WTI, up from $2.81 yesterday. A Brent premium often helps to strengthen U.S. cash grades.
Other grades traded Thursday included Thunder Horse THH-, which exchanged hands for $2.90 a barrel above WTI, even with WTI. Poseidon sour PSD- traded at up to 35 cents above WTI, down from as much as 55 cents above WTI on Tuesday when it last traded publicly. WTI at Midland WTM- exchanged hands for 5 cents above WTI, even with its differential from Tuesday. Heavy Louisiana Sweet HLS- traded for $3.45 a barrel above WTI, up 45 cents a barrel since Monday.
On the West Coast, Alaska North Slope crude ASW- last dealt last Tuesday at 25 cents a barrel under WTI for September delivery. ANS for October delivery sold last Thursday at 35 cents under.
Buyers of California crudes raised posted prices by 35 cents a barrel.
