Mars Sour rose 40 cents to a midpoint of a $1.60 discount, its highest in more than two months. Thunder Horse climbed to a premium of more than $4, its highest since April 2020.
U.S. West Texas Intermediate crude futures' discount to international benchmark Brent settled at $5.97, just below the sweet spot of minus $6.00 at which exports start to rise and imports dip. A narrower discount makes U.S.-linked grades less attractive to foreign buyers.
There was still some demand from Asia, a trader said.
Fixtures data on Kpler showed more than 30 Very Large Crude Carriers chartered to Asia and Europe from the U.S. Gulf Coast for the next three months.
Pipeline operator Magellan Midstream predicted crude oil flows from the Permian Basin will shift toward Houston as shale production rises and lines to export hub Corpus Christi fill.
That shift would likely widen the arb between WTI at East Houston and WTI Midland going into 2024, the company added.
* Light Louisiana Sweet for March delivery rose 15 cents to a midpoint of a $3.65 premium and traded between a $3.50 and a $3.80 a barrel premium to U.S. crude futures .
* Mars Sour rose 40 cents to a midpoint of a $1.60 discount and traded between a $1.40 and a $1.80 a barrel discount to U.S. crude futures .
* WTI Midland rose 10 cents to a midpoint of $2.05 premium and traded between a $1.90 and a $2.20 a barrel premium to U.S. crude futures .
* West Texas Sour fell 20 cents to a midpoint of a $1 discount and was bid and offered between a $1.25 and a 75-cent a barrel discount to U.S. crude futures .
* WTI at East Houston, also known as MEH, traded between $2 and $2.50 over WTI.
* ICE Brent April futures fell 67 cents to settle at
$82.17 a barrel.
* WTI March crude futures fell 53 cents to settle at
$75.88 a barrel.
* The Brent/WTI spread narrowed 14.0 cents to
settle at minus $5.97, after hitting a high of minus $5.87 and a
low of minus $6.13.
(Reporting by Arathy Somasekhar in Houston
Editing by Deepa Babington and Matthew Lewis)
