NEW YORK, Feb 26 (Reuters) - U.S. cash crude prices stumbled on Friday in line with the 41-cent drop of the New York Mercantile Exchange front-month futures contract, traders said.
Friday was the first full day of trade for April pipeline deliveries.
The NYMEX April futures settled 1t $12.27 per barrel, down 41 cents with the May contract down 41 cents as well, to $12.40 per barrel.
The U.S. cash crude benchmark, West Texas Intermediate at Cushing, Oklahoma, settled around two cents higher, $12.29/$12.31 per barrel.
Cuts of crude running through refineries has put additional pressure on low crude oil prices.
In the past several days companies including Ultramar Diamond Shamrock, Tosco Corp, and Citgo have reduced crude throughputs at plants, either because of maintenance work of poor economics.
Crude traders warned on Friday that the cutbacks could also place downward pressure on cash market grades' differentials to the benchmark WTI/Cushing in the days ahead.
On the first day of April trade, however, differentials were fairly range-bound.
Light Louisiana Sweet/St. James found the most interest, changing hands at 65, 62 and 60 cents below WTI/Cushing, with the -65 cents deal being done nearer the end of the day when the NYMEX April value was near its low point.
Heavy Louisiana Sweet/Empire, its sister grade, was offered around 90 cents below the benchmark.
The West Texas grades barely budged on Friday, with West Texas Intermediate/Midland getting done at minus 28 and minus 29 cents to the benchmark and West Texas Sour/Midland valued around -$1.20, where a deal was done Friday afternoon.
Crude traders said that WTI/Cushing postings-plus stood between $2.45 and $2.47 a barrel with deals at $2.45 and $2.46.
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