U.S. Cash Crude-Grades broadly mixed on second day of cash roll period

US Physical Therapy

24/10/2022 21:34

Oct 24 (Reuters) - U.S. physical crude grades were
broadly mixed on Monday, dealers said, on the second day of the
cash roll trade period and as U.S. crude's discount to Brent
widened to its most since July. 
    The cash roll trade continued on Monday, 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 $1.65 a barrel. 
    Meanwhile, U.S. West Texas Intermediate's discount to
international benchmark Brent  WTCLc1-LCOc1  widened 23 cents to
minus $8.68. Earlier in the session it hit a low of minus $8.72,
widest since July 27. 
    A wider spread makes U.S.-linked grades more attractive to
foreign buyers. 
    Both inland and coastal grades were mixed on Monday. 
    Coastal grade Light Louisiana Sweet  WTC-LLS  fell to a
$2.15 premium, weakest since Sept. 16. Mars Sour  WTC-MRS , also
a coastal grade, rose. 
    Inland grade WTI Midland  WTC-WTM  fell to a $1.25 premium,
weakest since June 19. West Texas Sour  WTC-WTS  strengthened. 
    In oil futures, oil settled lower in choppy trade on Monday
as data showing demand from China remained lackluster in
September and a strong U.S. dollar weighed, while weakening U.S.
business activity data eased expectations for more aggressive
interest rate hikes and limited price decline.  O/R 
 *  Light Louisiana Sweet  WTC-LLS  for November delivery fell
85 cents at a midpoint of a $2.15 premium and was seen bid and
offered between a $2.05 and $2.25 a barrel premium to U.S. crude
futures  CLc1  ​ 
 *  Mars Sour  WTC-MRS  gained 70 cents at a midpoint of a $4.3
discount and was seen bid and offered between a $4.4 and $4.2 a
barrel discount to U.S. crude futures  CLc1  ​ 
 *  WTI Midland  WTC-WTM  fell 55 cents at a midpoint of a $1.25
premium and was seen bid and offered between a $1.15 and $1.35 a
barrel premium to U.S. crude futures  CLc1  ​ 
 *  West Texas Sour  WTC-WTS  gained 65 cents at a midpoint of a
$1.25 discount and was seen bid and offered between a $1.35 and
$1.15 a barrel discount to U.S. crude futures  CLc1  ​ 
 *  WTI at East Houston  WTC-MEH , also known as MEH, traded
between a $1.85 and $2.05 a barrel premium to U.S. crude futures
 CLc1  ​ 
 *  ICE Brent December futures  LCOc1  fell 24 cents to settle
at $93.26 a barrel on Monday​. 
 *  WTI December crude  CLc1  futures fell 47 cents to settle at
$84.58 a barrel on Monday​. 
 *  The Brent/WTI spread  WTCLc1-LCOc1  widened 23 cents to
minus $8.68, after hitting a high of minus $8.37 and a low of
minus $8.72.
 (Reporting by Laila Kearney; Editing by David Gregorio)
 ((Laila.kearney@thomsonreuters.com; (917) 809-0054))