makes U.S.-linked grades more attractive to foreign buyers.
Throughout the week, the discount widened to as much as minus $7.23 a barrel, the widest since Nov. 28, and narrowed to as much as minus $5.62 a barrel. Coastal grade Light Louisiana Sweet gained 20 cents at a midpoint of a $3.8 premium, its strongest since Nov. 21. Mars Sour gained 40 cents at a midpoint of a $1.3 discount, strongest since Nov. 17. Inland grades WTI Midland and West Texas Sour firmed as well.
Benchmark crude prices fell to over three-week lows on
Friday in a volatile session, after strong U.S. jobs data raised
concerns about higher interest rates and as investors sought
more clarity on the imminent EU embargo on Russian refined
products. In U.S. supply, energy firms this week cut the number of oil
and natural gas rigs by the most since June 2020, energy
services firm Baker Hughes Co said. U.S. oil rigs fell
10 to 599 this week, their lowest since September, while gas
rigs dropped by two to 158. European Union countries agreed to set price caps on Russian
refined oil products to limit Moscow's funds for its invasion of
Ukraine, the Swedish presidency of the EU said on Friday.
* Light Louisiana Sweet for March delivery gained 20
cents at a midpoint of a $3.8 premium and was seen bid and
offered between a $3.7 and $3.9 a barrel premium to U.S. crude
futures ?
* Mars Sour gained 40 cents at a midpoint of a $1.3
discount and was seen bid and offered between a $1.4 and $1.2 a
barrel discount to U.S. crude futures ?
* WTI Midland gained half a cent at a midpoint of a
$2.05 premium and was seen bid and offered between $1.95 and
$2.15 a barrel over to U.S. crude futures ?
* West Texas Sour gained 20 cents at a midpoint of a
95-cent discount and was seen bid and offered between a $1.05
and 85-cent a barrel discount to U.S. crude futures ?
* WTI at East Houston , also known as MEH, traded
between a $2.15 and $2.35 a barrel premium to U.S. crude futures ?
* ICE Brent April futures fell $2.23 to settle at
$79.94 a barrel
* WTI March crude futures fell $2.49 to settle at
$73.39 a barrel
* The Brent/WTI spread widened 17 cents to
minus $6.20, after hitting a high of minus $5.78 and a low of
minus $6.19.
(Reporting by Stephanie Kelly in New York
Editing by Marguerita Choy)
