U.S. cash crude – Grades gain on refinery demand

* LLS gains 15 cents to trade at $3.50

* Mars gains 25 cents to trade at -$1.50

HOUSTON, Nov 3 (BestGrowthStock) – U.S. cash crudes strengthened on
Wednesday with buyers looking to supply refineries returning
from maintenance despite soaring benchmarks due to optimism and
a weaker dollar, traders and brokers said Wednesday.

Light Louisiana Sweet (LLS-: ) gained 15 cents to sell for
$3.50 over West Texas Intermediate. Mars sour (MRS-: )
strengthened 25 cents, dealing for $1.50 under. There were
January cash deals for LLS as high as $3.10 over the screen, up
15 cents.

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

Traders and brokers cited refinery demand as the U.S.
government weekly petroleum inventory report showed gasoline
and diesel supplies down sharply [EIA/S]. The report also
showed growth in crude stocks, but markets focused on the
products decline.

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 79 cents to
$84.69 a barrel. December Brent (LCOZ0: ) rose 97 cents to
$86.38. The WTI-Brent spread (CL-LCO1=R: ) widened to minus $1.69
from $1.51 in favor of Brent Tuesday.

Analysts of futures markets cited action by the U.S.
Federal Reserve to pump money into the economy, boosting
optimism and weakening the dollar.

———————————————–

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
David Gregorio)

U.S. cash crude – Grades gain on refinery demand