Feb 14 (Reuters) - U.S. Gulf Coast cash crude grades
mostly weakened on Tuesday, while inland barrels largely firmed,
as the federal government announced more sales from the
already-depleted Strategic Petroleum Reserve, dealers said.
Coastal Light Louisiana crude eased 20 cents to a midpoint
of a $3.60 to U.S. crude futures, while inland WTI Midland crude
firmed 25 cents to a midpoint of a $2.70 premium.
The U.S. Department of Energy (DOE) said it would sell 26
million barrels of oil from the SPR, already at its lowest level
since 1983, after considering canceling the annual sale after
President Joe Biden's administration last year sold a record 180
million barrels from the reserve to combat sky-high fuel prices. The DOE said bids on the oil are due on Feb. 28 and that the
oil would be delivered from April 1 to June 30.
U.S. crude oil and fuel inventories by about 10.5 million
barrels in the week ended Feb. 10, according to market sources
citing American Petroleum Institute figures. Gasoline inventories rose by about 846,000 barrels, while
distillate stocks rose by about 1.7 million barrels, according
to the sources, who spoke on condition of anonymity.
Official government data is due on Wednesday.
* Light Louisiana Sweet for March delivery fell 20
cents to a midpoint of a $3.60 premium and traded between a
$3.50 and $3.70 a barrel premium to U.S. crude futures .
* Mars Sour fell 30 cents to a midpoint of a $1.55
discount and traded between a $1.65 and $1.45 a barrel discount
to U.S. crude futures .
* WTI Midland rose 25 cents to a midpoint of a
$2.70 premium and traded between a $2.60 and $2.80 a barrel
premium to U.S. crude futures .
* West Texas Sour fell 65 cents to a midpoint of a
20-cent premium and traded between a 10-cent and 30-cent a
barrel premium to U.S. crude futures .
* WTI at East Houston, also known as MEH, traded from $2.80
to $3 over WTI.
* ICE Brent April futures fell $1.10 to settle at
$85.58 a barrel.
* WTI March crude futures fell $1.11 to settle at
$79.06 a barrel.
* The Brent/WTI spread widened 6 cents to
settle at minus $6.34, after hitting a high of minus $6.18 and a
low of minus $6.58.
(Reporting by Laila Kearney; Editing by David Gregorio)
