U.S. Cash Crude-Grades little changed as Keystone restart plan submitted

US Physical Therapy

20/12/2022 22:20

Dec 20 (Reuters) - U.S. physical crude oil grades were
little changed on Tuesday, dealers said, as TC Energy Corp
 TRP.TO  submitted its plan to regulators restart the Keystone
pipeline and traders geared up for the three-day cash roll
period.  
    Light Louisiana Sweet crude fell 5 cents to a midpoint of
$1.75 premium to U.S. crude futures, while Mars Sour crude was
unchanged at a midpoint of a $4.75 discount.
    Tuesday marked the expiry of the WTI crude oil futures for
January delivery, setting off a three-day cash roll window that
begins on Wednesday.
    Nearly two weeks after the line ruptured in the worst oil
spill in the United States in nine years, TC Energy did not
answer questions about when it hopes to restart the 622,000
barrel-per-day crude oil pipeline from Canada through the United
States or what caused the incident.  urn:newsml:reuters.com:*:nL1N33A19E
    The line was shut after it spilled 14,000 barrels of oil in
rural Kansas on Dec. 7, the third major spill from the line in
the last five years. The undamaged parts of the pipeline
reopened last week.
    Even though cleanup will take weeks or months, the line can
still restart once it is repaired and the plan approved by the
U.S. Pipeline and Hazardous Materials Safety Administration.
    U.S. crude oil inventories fell last week while gasoline and
distillate stocks rose, according to market sources citing
American Petroleum Institute figures.
    Crude stocks fell by about 3.1 million barrels in the week
ended Dec. 16, they said. Gasoline inventories rose by about 4.5
million barrels, while distillate stocks rose by 828,000
barrels, according to the sources, who spoke on condition of
anonymity.  urn:newsml:reuters.com:*:nL1N33A2LA
    * Light Louisiana Sweet  WTC-LLS  for January delivery fell
5 cents to a midpoint of $1.75 and traded between a $1.65 and
$1.85 a barrel premium to U.S. crude futures  CLc1 .    
    * Mars Sour  WTC-MRS  was unchanged at a midpoint of a $4.75
discount, trading between a $4.85 and $4.65 a barrel discount to
U.S. crude futures  CLc1 .    
    * WTI Midland  WTC-WTM  rose 10 cents to a midpoint of a
50-cent premium and traded between a 40-cent and 60-cent a
barrel premium to U.S. crude futures  CLc1 .    
    * West Texas Sour  WTC-WTS  fell 10 cents to a midpoint of
parity and traded between a 10-cent discount and 10-cent a
barrel premium to U.S. crude futures  CLc1 .    
    * WTI at East Houston, also known as MEH, traded from 80
cents to $1.20 over WTI. 
    * ICE Brent February  LCOc1  futures rose 19 cents to settle
at $79.99 a barrel.
    * WTI January crude  CLc1  futures rose 90 cents to settle
at $76.23 a barrel.
    * The Brent/WTI spread  WTCLc1-LCOc1  narrowed 66 cents to
settle at minus $3.76, after hitting a high of minus $3.54 and a
low of minus $4.42.
 (Reporting by Stephanie Kelly; Editing by David Gregorio)
 ((Laila.kearney@thomsonreuters.com))