U.S. Cash Crude- Coastal grades edge down after long weekend holiday

US Physical Therapy

21/02/2023 21:05

Feb 21 (Reuters) - U.S. physical coastal crude grades
weakened on Tuesday, dealers said, as trade resumed following a
long holiday weekend in the United States and as the front-month
U.S. crude futures contract expired.
    Over the next three days, the cash crude market enters the
more volatile roll period, in which traders square their crude
positions.  
    Coastal grades Light Louisiana Sweet  WTC-LLS  and Mars Sour
 WTC-MRS  weakened on Tuesday, while inland grade WTI Midland
 WTC-WTM  also dipped.
    The grades weakened despite the widest discount for U.S.
crude futures to international benchmark Brent  WTCLc1-LCOc1 
since Jan. 31. The spread hit a low of minus $6.67.
    In oil futures, Brent crude oil slipped more than 1% in a
volatile session on Tuesday as persistent concerns about global
economic growth outweighed supply curbs and prompted investors
to take profits on the previous day's gains.  O/R 
 *  Light Louisiana Sweet  WTC-LLS  for March delivery edged
lower 5 cents at a midpoint of a $3.90 premium and was seen bid
and offered between a $3.80 and $4 a barrel premium to U.S.
crude futures  CLc1  ​ 
 *  Mars Sour  WTC-MRS  fell 30 cents to a midpoint of a $1.50
discount and was seen bid and offered between a $1.60 and $1.40
a barrel discount to U.S. crude futures  CLc1  ​ 
 *  WTI Midland  WTC-WTM  fell half a cent to a midpoint of a
$2.40 premium and was seen bid and offered between a $2.30 and
$2.50 a barrel premium to U.S. crude futures  CLc1  ​ 
 *  West Texas Sour  WTC-WTS  was unchanged at a midpoint of a
10-cent discount and was seen bid and offered between a discount
of 20 cents and parity to U.S. crude futures  CLc1  
 *  WTI at East Houston  WTC-MEH , also known as MEH, traded
between a $2.40 and $2.60 a barrel premium to U.S. crude futures
 CLc1 
 *  ICE Brent April futures  LCOc1  fell $1.02 to settle at
$83.05 a barrel on Tuesday​.
 *  WTI March crude  CLc1  futures fell 18 cents to settle at
$76.16 a barrel on Tuesday​. 
 *  The Brent/WTI spread  WTCLc1-LCOc1  widened 10 cents to
minus $6.69, after hitting a high of minus $6.45 and a low of
minus $6.67.
 (Reporting by Tim McLaughlin; Editing by David Gregorio and
Richard Chang)
 ((Tim.McLaughlin@ThomsonReuters.com))