U.S. Cash Crude-Inland grades firm, WTS at strongest since Aug

Kitco Media
By Reuters
Published:
Updated:
Reuters
Feb 10 (Reuters) - U.S. inland grades firmed on Friday, dealers said, with West Texas Sour strengthening to trade at a midpoint that was on par with its highest since August, as U.S. crude's discount to international benchmark Brent widened. West Texas Intermediate's discount to Brent widened 24 cents to minus $6.47 a barrel. A wider spread makes U.S.-linked crudes more attractive to foreign buyers.


In U.S. supply, U.S. energy firms added the most oil rigs in a week since June, energy services firm Baker Hughes Co said on Friday. U.S. oil rigs rose 10 to 609 this week. The rig count is seen as an indication of future supply. Inland grades WTI Midland and West Texas Sour both firmed on the day, with West Texas Sour strengthening to its highest since Aug. 30. Though coastal grade Light Louisiana Sweet also firmed, Mars Sour weakened for the third straight session. Oil futures rose more than 2% on Friday and posted weekly gains of over 8%, as Russia announced plans to reduce oil production next month after the West imposed price caps on the country's crude and fuel. Russia plans to reduce its crude oil production in March by 500,000 barrels per day (bpd), or about 5% of output, Deputy Prime Minister Alexander Novak said.
* Light Louisiana Sweet for March delivery gained 85 cents at a midpoint of a $3.75 premium and was seen bid and offered between a $3.65 and $3.85 a barrel premium to U.S. crude futures ?

* Mars Sour fell half a dollar at a midpoint of a $1.75 discount and was seen bid and offered between a $1.85 and $1.65 a barrel discount to U.S. crude futures ?

* WTI Midland gained 10 cents at a midpoint of a $2.25 premium and was seen bid and offered between a $2.15 and $2.35 a barrel premium to U.S. crude futures ?

* West Texas Sour gained 35 cents at a midpoint of a 75-cent premium and was seen bid and offered between a 65-cent and 85-cent a barrel premium to U.S. crude futures ?

* WTI at East Houston , also known as MEH, traded between a $2.4 and $2.6 a barrel premium to U.S. crude futures ?

* ICE Brent April futures rose $1.89 to settle at $86.39 a barrel on Friday?.

* WTI March crude futures rose $1.66 to settle at $79.72 a barrel on Friday?.

* The Brent/WTI spread widened 24 cents to minus $6.47, after hitting a high of minus $6.25 and a low of minus $6.50. (Reporting by Stephanie Kelly Editing by Chris Reese)

Messaging: stephanie.kelly.thomsonreuters.com@reuters.net))
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