U.S. cash crude-Midland sweet weakens on bearish sentiment
NEW YORK Oct 10 (Reuters) - West Texas Intermediate crude at Midland, Texas traded at weaker differentials on Thursday, reacting to bearish comments at an industry consultancy's conference, according to brokers and traders.
PIRA Energy Group, an international consulting firm, held a conference and, "there were bearish comments about Cushing (Oklahoma, delivery point for the U.S. crude futures contract)," said a Texas-based cash crude broker.
The broker was unable to be more specific about the comments.
Another source, at a hedge fund in New York, said that expectations ahead of the conference were that the information provided would be "bearish in tone."
West Texas Intermediate at Midland for November deliver traded as low at $4.25 a barrel under the benchmark U.S. November crude futures, before recovering late on Thursday to $2.50 under, brokers and analysts said. That was a weaker differential after trades seen Wednesday at $2.00 under the benchmark.
West Texas Sour at Midland also weakened, trading as low as $5.00 under the benchmark futures, after trading from $3.25 to $3.65 under on Wednesday.
Light Louisiana sweet for November traded at $2.90, $3.00 and $3.05 over the benchmark futures, weaker after trading on Wednesday in a range of $3.30 to $3.75 over.
Heavy Louisiana sweet crude traded at $2.90 over the benchmark after being pegged at $3.00-$3.80 over on Wednesday.
Mars sour traded at $1.60 under the benchmark futures, weaker after trading as low as $1.50 under the benchmark on Wednesday.
December Mars barrels traded at 85 cents and $1.00 under the futures benchmark.
Bonito sour crude traded at $1.10 over the benchmark futures, stronger by 10 cents from where it was traded on Wednesday.
Thunder Horse crude traded at $1.40, $1.50 and $1.60 over the benchmark futures after trading $1.60 over on Wednesday.
In the futures market, U.S. front-month November crude rose $1.40 to settle at $103.01 a barrel. Brent crude rose $2.74 to settle at $111.80 a barrel.
Brent's premium to U.S. crude widened intraday to $8.98 a barrel, before ending at $8.79 based on settlements, the widest spread since early June.
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