US Cash Crude-Coastal grades weaken, US crude exports expected to ease in May

May 1 (Reuters) - U.S. coastal cash crude grades weakened on Monday, while inland grades were little changed, dealers said, as U.S. crude exports are expected to ease this month after rising more than expected in April. U.S. crude oil exports rose more than expected last month, building on a record 4.5 million barrels per day in March, as Chinese refiners snapped up cargoes to meet rising fuel demand, according to ship tracking data and analysts. Record March-April exports overall are unlikely to continue, analysts said. May U.S. exports will fall to about 3.78 million bpd in May, estimates Energy Aspects. Trading in the cash crude market on Monday was relatively lighter, dealers said.

The market is settling after U.S. crude's discount to international benchmark Brent narrowed to $3.21 a barrel on Friday, the most since June. A narrower discount typically makes U.S.-linked crudes less attractive to foreign buyers.

The discount traded in a tight range on Monday, narrowing slightly and last trading around $3.80 a barrel.

Coastal grades Light Louisiana Sweet and Mars Sour both weakened. In oil futures, oil prices dropped by a dollar a barrel on Monday after weak economic data from China and expectations of another U.S. interest rate hike outweighed support from OPEC+ supply cuts that take effect this month.
* Light Louisiana Sweet for June delivery fell 10 cents to a midpoint of a $1.9 premium and was seen bid and offered between a $1.70 and $2.10 a barrel premium to U.S. crude futures ?

* Mars Sour fell 5 cents to a midpoint of a $1.55 discount and was seen bid and offered between a $1.65 and $1.45 a barrel discount to U.S. crude futures ?

* WTI Midland was unchanged at a midpoint of a 65-cent premium and was seen bid and offered between a 55-cent and 75-cent a barrel premium to U.S. crude futures ?

* West Texas Sour was unchanged at a midpoint of an 85-cent discount and was seen bid and offered between a 95-cent and 75-cent a barrel discount to U.S. crude futures ?

* WTI at East Houston , also known as MEH, traded at a midpoint of an 85-cent premium and was seen bid and offered a between a 75-cent and 95-cent a barrel premium to U.S. crude futures ?

* ICE Brent July futures fell $1.02 to settle at $79.31 a barrel on Monday?.

* WTI June crude futures fell $1.12 to settle at $75.66 a barrel on Monday?.

* The Brent/WTI spread widened, after hitting a high of minus $3.67 and a low of minus $3.84. (Reporting by Stephanie Kelly in New York; editing by Jonathan Oatis)

Messaging: stephanie.kelly.thomsonreuters.com@reuters.net))

Reuters

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US Cash Crude-Coastal grades weaken, US crude exports expected to ease in May

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