U.S. cash crude-Re-assayed Poseidon leads diffs up

* Poseidon sells for 45 cents under WTI

* Mars, Light Louisiana sweet end day unchanged

* New assay shows Poseidon lighter, sweeter, cleaner

* Trading thin as buyers attending industry event

HOUSTON, Dec 9 (BestGrowthStock) – Poseidon medium sour (PSD-: )
surged while key grades sold unchanged on the U.S. cash crude
market Thursday in light trading with many buyers attending an
industry event.

Poseidon sold for 45 cents under West Texas Intermediate
(CLc1: ), up from $1.00 under as recently as Monday. A new assay
showed the grade is flowing lighter and sweeter and with the
salt, metal and acid content seen better for refining.

Mars sour (MRS-: ) started the day at 15 cents under WTI,
then climbed back to sell even with the screen, unchanged from
Wednesday’s session. Light Louisiana Sweet (LLS-: ) dealt $5.00
over WTI, also unchanged.

Among market-changing news items on Wednesday, TransCanada
said it was filling the Cushing, Oklahoma, extension of its
Keystone pipeline, which will bring more Canadian crude farther
south to compete with U.S. grades. [ID:nN09188514]

Hovensa said the fluid catalytic cracker at its St. Croix,
Virgin Islands, refinery was down for unscheduled repairs.
[ID:nN09250812] Traders saw a two-week outage. That could
divert Venezuelan crude to the Gulf Coast, pressuring
differentials.

Poseidon Oil Pipeline Co published a favorable assay of
Poseidon, which had been under pressure since July because of
questions about its quality. The rebound moved Poseidon toward
parity with Mars, its historic place in the market.
[ID:nN09239496]

Trading was thin because a large number of traders were
attending an industry function in New Orleans.

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

The trans-Atlantic arb and the WTI calendar spread remained
supportive of cash crudes, which compete with Brent and deliver
against second-month WTI.

On futures markets, January WTI (CLF1: ) sold up 9 cents at
$88.37 a barrel. January Brent (LCOF1: ) rose 22 cents to $90.99.

The WTI-Brent spread (CL-LCO1=R: ) widened to $2.62 in favor
of Brent. The January-February WTI spread (CL-1=R: ) stayed
around minus 50 cents. Both spreads remained within recent
ranges.

——————————————————

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 Janet McGurty and Bruce Nichols;editing by
Sofina Mirza-Reid)

U.S. cash crude-Re-assayed Poseidon leads diffs up