NEW YORK, Aug 10 - U.S. cash crude differentials strengthened Monday as the calendar spread and WTI to Brent crude spreads widened sharply.
Heavy Louisiana Sweet HLS- rose as much as 50 cents to $3.00 a barrel above West Texas Intermediate CLc1, versus +$2.50 on Friday. Light Louisiana Sweet LLS- was up 10 cents to +$4.10, while Mars MRS- rose 5 cents to 45 cents a barrel above WTI.
Widening spreads typically strengthen crude grades.
The spread between WTI futures for September delivery and October delivery widened to $2.06 a barrel after settlement, from $1.75 per barrel late Friday CL-1=R. The bigger discount for prompt crude encourages storage buying of cash crudes.
WTI traded at a $2.89 a barrel discount to Brent crude late Monday CL-LCO1=R, versus a $2.62 a barrel discount late Friday.
Oil futures fell 15 cents a barrel to $70.78 after settlement, after earlier trading above $71 a barrel.
Refinery margins rose in most U.S. regions last week, according to a weekly report from Credit Suisse. [ID:nN10464529]
Other grades traded included West Texas Sour WTS-, which rose as much as 10 cents to -$1.10, up from $1.20 below WTI on Friday. Thunder Horse THH- grade traded for $2.85 a barrel above WTI, up from +$2.00 in a past trade on August 4.
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 cut posted prices by 35 cents a barrel.
Heavy Louisiana Sweet HLS- rose as much as 50 cents to $3.00 a barrel above West Texas Intermediate CLc1, versus +$2.50 on Friday. Light Louisiana Sweet LLS- was up 10 cents to +$4.10, while Mars MRS- rose 5 cents to 45 cents a barrel above WTI.
Widening spreads typically strengthen crude grades.
The spread between WTI futures for September delivery and October delivery widened to $2.06 a barrel after settlement, from $1.75 per barrel late Friday CL-1=R. The bigger discount for prompt crude encourages storage buying of cash crudes.
WTI traded at a $2.89 a barrel discount to Brent crude late Monday CL-LCO1=R, versus a $2.62 a barrel discount late Friday.
Oil futures fell 15 cents a barrel to $70.78 after settlement, after earlier trading above $71 a barrel.
Refinery margins rose in most U.S. regions last week, according to a weekly report from Credit Suisse. [ID:nN10464529]
Other grades traded included West Texas Sour WTS-, which rose as much as 10 cents to -$1.10, up from $1.20 below WTI on Friday. Thunder Horse THH- grade traded for $2.85 a barrel above WTI, up from +$2.00 in a past trade on August 4.
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 cut posted prices by 35 cents a barrel.
