U.S. cash crude – Grades gain despite stable WTI spread

NEW YORK, Nov 4 (BestGrowthStock) – U.S. cash crudes are expected
to move higher on Thursday despite a stable prompt-to-forward
WTI spread and a stable Brent-to-WTI spread but the market may
level off soon, traders and brokers said Thursday.

“My current analysis is pointing to grades getting close to
their peak versus WTI in the not too distant future,” said one
crude oil broker.

Light Louisiana Sweet (LLS-: ) bids were pegged at $3.60 with
offers at $3.70 over West Texas Intermediate.

Wednesday trade levels were at $3.50 cents over.

For other cash crude deals, see [CRU/TU].

Front-month WTI weakened in the trans-Atlantic spread,
which tends to lift cash crude differentials because they
compete with imports priced against North Sea benchmark Brent.
The front-month to second-month WTI spread was flat.

On futures markets, December WTI (CLZ0: ) rose $1.70 to
$86.39 a barrel. December Brent (LCOZ0: ) rose $1.55 to $87.93.
The WTI-Brent spread (CL-LCO1=R: ) narrowed to minus $1.57 from
$1.69 in favor of Brent Wednesday.

The December-to-January WTI spread (CL-1=R: ) was minus 65
cents in favor of the January contract.

Oil topped $86 a barrel on Thursday and rose to a fresh
six-month high as higher-than-expected jobless claims
accelerated dollar losses after a Federal Reserve decision to
pump more money into the economy.

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See (REF/MARGIN1: ) for Reuters’ generic refining margins

See (CL-1=R: ) for the WTI front/second month spread

See (CL-LCO1=R: ) for front month WTI/Brent futures spread

See (BFO-: ) for Reuters’ assessment of Dated Brent

See (0#FRT-: ) for Reuters assessed tanker rates

See (BRNV: ) for assessed domestic crude differentials

See (PPGR: ) for outright U.S. cash crude prices

See [REF/US] for a list of U.S. refinery outages

See [EIA/S] for U.S. EIA inventory reports and forecasts

See [CRU/TU] for recent cash crude deals
(Reporting by Bruce Nichols and Janet McGurty; Editing by
Alden Bentley)

U.S. cash crude – Grades gain despite stable WTI spread