off-the-wire

US Cash Crude-Grades little changed as WTI/Brent spread remains stable

Kitco Media
By Reuters
Published:
Updated:
Reuters
March 17 (Reuters) - Oil grades were little changed on Friday as the spread between WTI and Brent remained stable, dealers said. Mars was unchanged, while WTI Midland and WTI at East Houston, called MEH, weakened 10 cents. WTI's discount to Brent traded at minus $5.95, touching a high of minus $5.85 and a low $6.20. A wider discount, typically above minus $6, prompts more U.S. exports, as U.S.-linked grades become more attractive to foreign buyers. Across the Atlantic, North Sea Forties crude differentials rose after a higher bid, although Troll remained the cheapest benchmark grade after a weaker offer on Thursday.


U.S. crude exports to China in March are headed for their highest in nearly 2-1/2 years, spurred by a recovery in demand and competitive prices compared with Middle East supplies.


* Light Louisiana Sweet for April delivery fell about 20 cents to a midpoint of a $2.90 premium and was bid and offered between a $2.70 and a $3.10 a barrel premium to U.S. crude futures .
* Mars Sour was unchanged to trade at a midpoint of an 40-cent premium and was traded between a 20-cent and an 60-cent a barrel premium to U.S. crude futures .


* WTI Midland eased 10 cents to a midpoint of a $1.35 premium and traded between a $1.50 and a $1.55 a barrel premium to U.S. crude futures .
* West Texas Sour fell 45 cents to a midpoint of a 10-cent premium and was traded between a flat and a 20-cent a barrel premium to U.S. crude futures .


* WTI at East Houston, also known as MEH, traded between $1.40 and $1.80 over WTI.
* ICE Brent May futures fell $1.73 to settle at $72.97 a barrel.
* WTI April crude futures fell $1.61 to settle at $66.74 a barrel.
* The Brent/WTI spread widened 27 cents to minus $5.97, after hitting a high of minus $5.85 and a low of minus $6.20. (Reporting by Arathy Somasekhar in Houston; Editing by Richard Chang)

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