November 27, 2013 / 8:28 PM / in 4 years

U.S. Cash Crude - Grades mixed in thin trade

NEW YORK, Nov 27 (Reuters) - U.S. cash crude differentials were mixed on Wednesday with many traders away for a long Thanksgiving holiday weekend.

The market largely ignored bearish data from the U.S. Energy Information Administration showing the nation’s oil inventories hit their highest seasonal level on record last week.

Crude oil inventories rose by 2.95 million barrels to 391.4 million barrels in the week to Nov. 22 after U.S. oil production hit a 24-year high above 8 million barrels per day, the data showed.

Domestic oil production recently exceeded imports for the first time in nearly two decades, according to the Department of Energy’s data arm. Other government figures showed oil exports rose to 99,000 bpd in September from 66,000 bpd in August.

In the cash market, Light Louisiana Sweet for January delivery at St. James, Louisiana, traded at $3.40 and $3.45 over the front-month U.S. crude oil contract, about 20 cents higher than Tuesday levels, traders said.

West Texas Intermediate crude at Midland, Texas, traded for $3.50 and $3.60 a barrel under benchmark futures.

The government data had more effect on U.S. oil futures, which fell $1.38 to settle at $92.30. International benchmark Brent futures rose 43 cents to end at $111.31 a barrel.

Brent’s premium to U.S. oil widened by $2 to a new 8.5-month high of more than $19 a barrel.

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