WTI last traded at a $5.83 discount to Brent , after touching a high of minus $5.78 and a low of minus $6.12. Typically, a $6 discount prompts U.S. exports as a wider discount makes U.S.-linked grades more attractive to foreign buyers.
Still, sour grades have seen some export demand, particularly from buyers in the east such as China, a broker said.
About 11 very large crude carriers were chartered to head to Asia in the next month, fixtures data on Kpler showed. Of those, at least six were headed to China.
On the supply side, U.S. shale crude oil production in the seven biggest shale basins is expected to rise in April to its highest since December 2019, the Energy Information Administration said. In refining news, Valero reported unit startup following normal maintenance at the Benicia, California refinery.
* Light Louisiana Sweet for April delivery fell 20
cents to a midpoint of a $3.00 premium and was traded between a
$2.80 and a $3.20 a barrel premium to U.S. crude futures .
* Mars Sour eased 5 cents at a midpoint of an
25-cent discount and was traded between a flat and a 50-cent a
barrel discount to U.S. crude futures .
* WTI Midland fell 10 cents to a midpoint of a
$1.60 premium and traded between a $1.40 and a $1.80 a barrel
premium to U.S. crude futures .
* West Texas Sour strengthened 80 cents to a
midpoint of a 40-cent discount and was bid and offered between a
$1 a barrel discount and a 20-cent premium to U.S. crude futures .
* WTI at East Houston, also known as MEH, traded between $1.50 and $1.80 over WTI.
* ICE Brent May futures fell $2.01 to settle at
$80.77 a barrel.
* WTI April crude futures fell $1.88 to settle at
$74.80 a barrel.
* The Brent/WTI spread narrowed 17 cents to
minus $5.83, after hitting a high of minus $5.78 and a low of
minus $6.12.
(Reporting by Arathy Somasekhar in Houston
Editing by Marguerita Choy)
