WTI narrowed 57 cents to a $5.16a barrel discount to Brent. It traded as low as minus $5.04, it lowest since Jan 17.
A narrower discount makes U.S.-linked grades more expensive for foreign buyers. Research firm Energy Aspects expects U.S. supply-demand balance to tighten substantially from June, with exports rebounding after a slower April–May. Arbitrage to ship sour crude oil from the U.S. to Asia remains open, Energy Aspects said, adding U.S. Gulf Coast sour crude will remain supported throughout the second quarter.
* Light Louisiana Sweet for April delivery fell 60
cents to a midpoint of a $2.00 premium and was bid and offered
between a $1.80 and a $2.20 a barrel premium to WTI.
* Mars Sour eased 80 cents to a midpoint of a
$1.25 discount and traded between a $1 and a $1.50 discount a
barrel to WTI.
* WTI Midland rose 25 cents to trade at a midpoint
of a $1 premium and traded between a 75-cent and a $1.25 a
barrel premium to WTI.
* West Texas Sour eased 90 cents to a midpoint of
a 85-cent discount and was traded between 70 cents and $1 a
barrel discount to WTI.
* WTI at East Houston, also known as MEH, traded between $1
and $1.50 over WTI.
* ICE Brent May futures rose $3.13 to settle at
$78.12 a barrel.
* WTI April crude futures rose $3.55 to settle at
$72.81 a barrel.
* The Brent/WTI spread widened 57 cents to
minus $5.16, after hitting a high of minus $5.04 and a low of
minus $5.77.
(Reporting by Arathy Somasekhar in Houston;
Editing by Marguerita Choy)
