US Cash Crude-Inland grades weaken on last day of roll trade

Reuters

US Cash Crude-Inland grades weaken on last day of roll trade

2023 3월 24, 오후 6:47 GMT

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March 24 (Reuters) -Inland grades weakened on Friday, the last day of the cash roll period, dealers said, as oil rig counts rose indicating rising future production.

WTI Midland eased 10 cents a barrel, while West Texas Sour dipped 5 cents. Midland at East Houston, known as MEH, eased 15 cents.

Coastal grades were largely unchanged.

The oil rig count, an early indicator of future output, rose four to 593 this week, up for the first time in six weeks. RIG/U

Grades also typically tend to be more volatile during the roll period as traders use the window to square their positions.

WTI narrowed 25 cents to a minus $5.70 discount to Brent. A narrower discount makes U.S.-linked grades more expensive for foreign buyers.

In refining news, Pemex is restarting the small crude distillation unit (CDU) at its 312,500 barrel-per-day (bpd) Deer Park, Texas, refinery on Friday, said people familiar with plant operations.

* Light Louisiana Sweet WTC-LLS for April delivery was unchanged at a midpoint of a $2.60 premium and was bid and offered between a $2.40 and a $2.80 a barrel premium to U.S. crude futures CLc1.

* Mars Sour WTC-MRS was unchanged at a midpoint of a 40-cent discount and traded between a 60-cent discount and a 20-cent discount a barrel to U.S. crude futures CLc1.

* WTI Midland WTC-WTM fell 10 cents to trade at a midpoint of a 75-cent premium and traded between a 50-cent and a $1 a barrel premium to U.S. crude futures CLc1.

* West Texas Sour WTC-WTS eased 5 cents to a midpoint of a 10-cent premium and was traded between flat and a 20 cent a barrel premium to U.S. crude futures CLc1.

* WTI at East Houston, also known as MEH, traded between 75 cents and $1.25 over WTI.

* ICE Brent May LCOc1 futures fell 92 cents to settle at $74.99 a barrel.

* WTI April crude CLc1 futures down 70 cents to settle at $69.26 a barrel.

* The Brent/WTI spread WTCLc1-LCOc1 widened 14 cents to minus $5.70, after hitting a high of minus $5.66 and a low of minus $5.97.

Reporting by Arathy Somasekhar in Houston;
Editing by Marguerita Choy

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