HOUSTON, Jan 28 (Reuters) - U.S. cash crude differentials
rose on Monday as dealers began the March trading month
awaiting direction from refineries and other markets.
Leading sweet and sour grades were both up. Light Louisiana
Sweet LLS- sold early for $4.00 over West Texas Intermediate
CLc1, up 50 cents. Mars sour MRS- added 20 cents to
-$6.40.
Among futures, March WTI CLH8 gained 28 cents to $90.99.
Brent LCOH8 rose 48 cents to $91.38 despite predictions the
oil market is in for a test due to a slowing economy.
Analysts said NYMEX traders figured OPEC will hold output
steady, keeping a lid on supply, and U.S. central bankers will
cut interest rates, goosing the economy and spurring demand.
The WTI-Brent spread CL-LCO1=R stayed negative at -39
cents. The WTI front-month spread CL-1=R narrowed from 28 to
20 cents. Both added lift to differentials.
More support for domestic grades came from news that
refinery margins improved last week, according to Credit
Suisse.
It was a slow day. Traders often await refinery slates
before diving into a new month, but one trader said too much
could be made of that. "Sometimes there's no rhyme or reason,"
he said. Among other cash crudes, West Texas Sour WTS-
sold for -$4.50, stronger by 50 cents. WTI Midland WTM-
traded at +12 cents, up from bargaining around -20 at flat
Friday.
..............
DATA LINKS:
Energy Speed Guide ENERGY Crude Speed Guide <CRUDES/1>
NYMEX WTI futures <0#CL:> ICE Brent futures <0#LCO:>
US crude prices PPGR US crude differentials BRNV
Freight rates <0#FRT->
NEWS LINKS:
NYMEX Market reports [O/N] ICE market reports [O/L]
US Cash crude deals [CRU/TU] Foreign crude deals [CRU/T]
Dirty tanker news [TAN/CRU] Dirty tanker fixtures [TAN/D]
Weekly US oil data [EIA/S] US crude outlook [US/CRU]
US Refinery outages [REF/US] US Cash oil products [PRO/U]
US products outlook [US/PRO]
...............
(Reporting by Bruce Nichols; Editing by David Gregorio)
Stocks
