US Cash Crude – LLS soars as time spreads collapse

HOUSTON (Reuters) – Light Louisiana Sweet soared Monday
on the U.S. cash crude market as calendar spreads between West Texas
Intermediate futures contracts gaped, traders said.

Among headliner grades, LLS LLS- rose 85 cents to sell at
$6.25 a barrel over WTI CLc1. Mars sour MRS- was unchanged but
very strong, in historical terms, at -30 cents.


WTI at Midland WTM-, a sweet grade, was found in the unusual
position of selling at the same differential as West Texas Sour
WTS-, -60 cents.

WTM was weaker by 50 cents. WTS was stronger by 15 cents.

Traders blamed continued outage of the Delek US Holdings (DK.N)
refinery in East Texas [REF/US] for the weakness of WTM and the
calendar spread situation for the strength of WTS.

Reuters