US cash crude – Trade thin and flat ahead of roll end

NEW YORK, Oct 25 (BestGrowthStock) – Most U.S. cash crudes were
thinly traded in a range as the roll period for November crude
ended on Monday, traders and brokers said on Monday.

Cash crude trading moves to December delivery on Tuesday
after Monday’s monthly pipeline booking for November grades but
high outright prices have sidelined many buyers, traders said.

Thunder Horse differentials (WTC-THH: ) gained 45 cents to
trade at 65 cents under the stronger West Texas Intermediate
benchmark..

Louisiana Light (WTC-LLS: ) traded in range at $2.80 a barrel
over the November price and $2.90 and $2.95 over December.

The WTI-Brent spread (CL-LCO1=R: ) narrowed in favor of WTI
on the New York Mercantile Exchange to $1.03 a barrel up from
$1.27 on Friday. The December-January WTI spread (CL-1=R: )
widened to 66 cents on Monday from 58 cents on Friday.

Weaker front-month WTI in spreads tends to support
differentials because cash crudes compete with imports priced
against Brent and deliver against second-month WTI, but during
roll grades move less predictably.

The roll – the cost of rolling a contract forward into the
next month without delivering on it – dealt for minus 50 cents,
at the top of Thursday’s bid-ask range for the number. Traders
roll a contract when they expect the grade to rise next month.

Other U.S. cash crudes were mostly flat to weaker Friday,
with Mars sour (WTC-MRS: ) in range at $2.30 a barrel under WTI
and Heavy Louisiana Sweet (WTC-HLS: ) held at $1.40 a barrel over
under WTI. For other deals, see [CRU/TU]

On futures markets, U.S. crude futures ended 1 percent
higher as the dollar weakened and equities rose, and on a
late-session comments from Greece’s central bank that the worst
was over for Greek Banks. December WTI (CLZ0: ) settled up 83 to
$82.52 a barrel. December Brent (LCOZ0: ) gained 58 cents to
settle at $83.54. [O/R]

The last publicly disclosed sale of Alaska North Slope
crude oil was done Wednesday, when a cargo for November
delivery sold for 25 cents over WTI, 35 cents stronger than a
deal Tuesday for December delivery.

———————————————-

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)

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US cash crude – Trade thin and flat ahead of roll end