off-the-wire

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

Kitco Media
By Reuters
Published:
Updated:
Reuters
May 2 (Reuters) - U.S. inland cash crude grades were marginally stronger on Tuesday, dealers said, as U.S. crude's discount to Brent traded in a tight range after hitting its narrowest since June on Friday.


Inland grades WTI Midland and West Texas Sour strengthened 5 cents each on Tuesday. Midland has been steadily gaining since April 25 and traded on Tuesday at a 70-cent premium to U.S. crude futures, , its strongest since April 19.


U.S. crude's discount to international benchmark Brent was little changed on Tuesday, last trading around $3.79 a barrel, a penny narrower than the previous session. The discount narrowed to $3.21 a barrel on Friday. A narrower discount typically makes U.S.-linked crudes less attractive to foreign buyers.


Coastal grades on Tuesday were mixed.


In U.S. supply, crude oil inventories fell by about 3.9 million barrels in the week ended April 28, according to market sources citing American Petroleum Institute figures on Tuesday. U.S. government data on crude stockpiles is due on Wednesday. Elsewhere, OPEC oil output fell in April due to a halt in some of Iraq's exports and delays to Nigerian shipments, a Reuters survey found on Tuesday, adding to the impact of strong adherence by top producers to a supply cut deal by the wider OPEC+ alliance.
* Light Louisiana Sweet for June delivery fell 15 cents at a midpoint of a $1.75 premium and was seen bid and offered between a $1.60 and $1.90 a barrel premium to U.S. crude futures ?

* Mars Sour gained 15 cents at a midpoint of a $1.4 discount and was seen bid and offered between a $1.50 and $1.30 a barrel discount to U.S. crude futures ?

* WTI Midland gained 5 cents at a midpoint of a 70-cent premium and was seen bid and offered between a 60-cent and 80-cent a barrel premium to U.S. crude futures ?

* West Texas Sour gained 5 cents at a midpoint of a 80-cent discount and was seen bid and offered between a 90-cent and 70-cent a barrel discount to U.S. crude futures ?

* WTI at East Houston , also known as MEH, traded betweena 75-cent and 95-cent a barrel premium to U.S. crude futures ?

* ICE Brent July futures fell $3.99 to settle at $75.32 a barrel.

* WTI June crude futures fell $4 to settle at $71.66 a barrel?.

* The Brent/WTI spread narrowed 1 cents to minus $3.8, after hitting a high of minus $3.72 and a low of minus $3.87. (Reporting by Stephanie Kelly in New York; editing by Jonathan Oatis)

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