Reuters: Market News: US Cash Crude-West Texas grades up, Gulf Coast weaker

Reuters: Market News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

US Cash Crude-West Texas grades up, Gulf Coast weaker Apr 11th 2012, 17:01 Tweet Share this Email Print Wed Apr 11, 2012 1:01pm EDT * LLS, Mars weaken on narrower transatlantic spread * WTS up $1 at $7 under, and at $5.05 under for June * Analysts cited new pipelines to Gulf Coast By Bruce Nichols HOUSTON, April 11 (Reuters) - U.S. Gulf Coast cash crude premiums weakened on Wednesday as the transatlantic spread narrowed an additional dollar, but West Texas grades bounced back from recent lows. A draw in U.S. fuel stocks reported by the government on Wednesday d rove futures up, with Brent up less than U.S. crude on concern about the strength of global demand, analysts said. Gulf Coast cash crudes weakened on the narrower arb, but West Texas crudes rebounded amid news of another pipeline connection to the Gulf Coast. [ID: nL2E8FB5N8] The transatlantic spread has narrowed to less than $18 in favor of Brent from more than $20 last Thursday. Light Louisiana Sweet sold for $20 a barrel over West Texas Intermediate, 55 cents weaker than late deals Tuesday. Mars sour t raded for a premium of $12.80, down 90 cents. West Texas Sour sold for a discount to WTI of $7 for May and $5.05 for June, and traders said WTI at Midland also was bidding and offering. WTS sold for $8 under Tuesday. Sunoco Logistics announced another pipeline realignment to bring Permian Basin crude to the Coast, this one to Nederland, Texas, after another to Houston started last week. "The West Texas grades are a lot stronger the second half of the year, so some of it has to be these new pipeline links to Gulf Coast refineries," sa id trading consultant John Troland. Other market sources said the weakness in Midland grades, which hit $9 under WTI and lower, was overdone and due for a rebound. On futures markets at about 12:30 p.m. CDT (1630 GMT), May WTI was up more than $1.50 at about $102.50 a barrel. May Brent had climbed about 50 cents to about $120.30. The transatlantic spread narrowed to about $17.80 in favor of Brent from $18.86 at settlement Tuesday. Stronger WTI against Brent tends to weaken Gulf Coast crudes. Tweet this Link this Share this Digg this Email Reprints Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions