U.S. Cash Crude-Coastal grades fall on third day of roll trade

US Physical Therapy

25/10/2022 22:10

Oct 25 (Reuters) - U.S. physical coastal crude grades
fell on Tuesday, dealers said, on the third day of the cash roll
trade period.
    The cash roll trade continued on Tuesday, following the
expiry of the U.S. crude futures contract for November
settlement. Prices to roll U.S. crude oil futures positions from
November to December traded at a midpoint of $1.50 a barrel. 
    Meanwhile, U.S. West Texas Intermediate's discount to
international benchmark Brent  WTCLc1-LCOc1  narrowed 48 cents
to minus $8.20. 
    A narrower spread makes U.S.-linked grades less attractive
to foreign buyers. 
    Coastal grade Light Louisiana Sweet  WTC-LLS  fell to a
$1.40 premium, weakest since June 28. Mars Sour  WTC-MRS , also
a coastal grade, weakened as well.
    Inland grade WTI Midland  WTC-WTM  fell to a $1.25 premium,
weakest since June 29. West Texas Sour  WTC-WTS  strengthened. 
    U.S. crude stocks rose by about 4.5 million barrels for the
week ended Oct. 21, according to market sources citing American
Petroleum Institute figures on Tuesday. Gasoline inventories
fell by about 2.3 million barrels, while distillate stocks rose
by about 600,000 barrels.  API/S 
        U.S. government data on crude stockpiles is due on
Wednesday.
  
 *  Light Louisiana Sweet  WTC-LLS  for November delivery fell
three quarters of a dollar at a midpoint of a $1.4 premium and
was seen bid and offered betweena $1.3 and $1.5 a barrel premium
to U.S. crude futures  CLc1  ​ 
 *  Mars Sour  WTC-MRS  fell $1.20 at a midpoint of a $5.5
discount and was seen bid and offered between a $5.6 and $5.4 a
barrel discount to U.S. crude futures  CLc1  ​ 
 *  WTI Midland  WTC-WTM  fell half a cent at a midpoint of a
$1.2 premium and was seen bid and offered betweena $1.1 and $1.3
a barrel premium to U.S. crude futures  CLc1  ​ 
 *  West Texas Sour  WTC-WTS  gained 20 cents at a midpoint of a
32-cent discount and was seen bid and offered between a discount
of $1.15​​ and 50-cent a barrel premium to U.S. crude futures
 CLc1  ​ 
 *  WTI at East Houston  WTC-MEH , also known as MEH, traded
betweena $1.45 and $1.65 a barrel premium to U.S. crude futures
 CLc1  ​ 
 *  ICE Brent December futures  LCOc1  rose 26 cents to settle
at $93.52 a barrel on Tuesday​. 
 *  WTI December crude  CLc1  futures rose 74 cents to settle at
$85.32 a barrel on Tuesday​. 
 *  The Brent/WTI spread  WTCLc1-LCOc1  narrowed 48 cents to
minus $8.20.
 (Reporting by Stephanie Kelly; Editing by David Gregorio)
 ((Stephanie.Kelly@thomsonreuters.com; 646-223-4471; Reuters
Messaging: stephanie.kelly.thomsonreuters.com@reuters.net))