U.S. Cash Crude- Coastal grades edge down after long weekend holiday

Kitco Media
By Reuters
Published:
Updated:
Reuters
Feb 21 (Reuters) - U.S. physical coastal crude grades weakened on Tuesday, dealers said, as trade resumed following a long holiday weekend in the United States and as the front-month U.S. crude futures contract expired. Over the next three days, the cash crude market enters the more volatile roll period, in which traders square their crude positions.


Coastal grades Light Louisiana Sweet and Mars Sour weakened on Tuesday, while inland grade WTI Midland also dipped. The grades weakened despite the widest discount for U.S. crude futures to international benchmark Brent since Jan. 31. The spread hit a low of minus $6.67. In oil futures, Brent crude oil slipped more than 1% in a volatile session on Tuesday as persistent concerns about global economic growth outweighed supply curbs and prompted investors to take profits on the previous day's gains.
* Light Louisiana Sweet for March delivery edged lower 5 cents at a midpoint of a $3.90 premium and was seen bid and offered between a $3.80 and $4 a barrel premium to U.S. crude futures ?

* Mars Sour fell 30 cents to a midpoint of a $1.50 discount and was seen bid and offered between a $1.60 and $1.40 a barrel discount to U.S. crude futures ?

* WTI Midland fell half a cent to a midpoint of a $2.40 premium and was seen bid and offered between a $2.30 and $2.50 a barrel premium to U.S. crude futures ?

* West Texas Sour was unchanged at a midpoint of a 10-cent discount and was seen bid and offered between a discount of 20 cents and parity to U.S. crude futures
* WTI at East Houston , also known as MEH, traded between a $2.40 and $2.60 a barrel premium to U.S. crude futures
* ICE Brent April futures fell $1.02 to settle at $83.05 a barrel on Tuesday?.
* WTI March crude futures fell 18 cents to settle at $76.16 a barrel on Tuesday?.

* The Brent/WTI spread widened 10 cents to minus $6.69, after hitting a high of minus $6.45 and a low of minus $6.67. (Reporting by Tim McLaughlin; Editing by David Gregorio and Richard Chang)

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