Coastal grade Mars Sour strengthened 20 cents to a midpoint of a $1.20 discount to U.S. crude futures.
U.S. crude oil stockpiles fell more than expected last week due to strong export and refining demand, the Energy Information Administration said on Wednesday. That comes just as the Organization of the Petroleum Exporting Countries and their allies including Russia announced further production target cuts of about 1.16 million barrels per day (bpd) from May through the rest of the year. U.S. crude exports climbed to 5.2 million bpd, their second highest level on record, with traders and analysts forecasting more strength in sour demand globally as Middle Eastern barrels get more expensive. Still the WTI/Brent arb remained weak at minus $4.37. Exports typically thrive when U.S. crude trades at a more than $6 discount to Brent.
* Light Louisiana Sweet for May delivery eased 15
cents to a midpoint of a $2 premium and traded between a $1.80
and $2.20 a barrel premium to U.S. crude futures .
* Mars Sour strengthened 20 cents to a midpoint
of a $1.20 discount and traded between a $1.00 and $1.40 a
barrel discount to U.S. crude futures .
* WTI Midland gained 10 cents to a midpoint of an
90-cent premium and traded between a 70-cent and a $1.10 a
barrel premium to U.S. crude futures .
* West Texas Sour gained 60 cents at a midpoint
of a 35-cent discount and was bid and offered between a $1.05
and 85-cent a barrel discount to U.S. crude futures . ?
* WTI at East Houston , also known as MEH, traded
between a 60-cent and a 10-cent a barrel premium to U.S. crude
futures .
* ICE Brent June futures rose 5 cents to settle at
$84.99 a barrel on Tuesday?.
* WTI May crude futures fell 10 cents to settle at $80.61 a barrel on Tuesday?.
* The Brent/WTI spread widened, hitting a high of minus $4.15 and a low of minus $4.46. (Reporting by Arathy Somasekhar in Houston; Editing by Richard Chang)
@ArathySom;))