US Cash Crude-Coastal grades strengthen on second day of roll, widening WTI/Brent spread

US Physical Therapy

22/03/2024 20:23

March 22 (Reuters) - U.S. physical coastal crude oil
deals strengthened on Friday, dealers said, on the second day of
the roll trade period in which traders square positions.
    The volatile roll period, which begins the session after the
front-month expiry, lasts three days.
    Light Louisiana Sweet  WTC-LLS  gained 5 cents at a midpoint
of a $3.85 premium to U.S. crude futures  CLc1 , while Mars Sour
 WTC-MRS  gained 10 cents at a midpoint of a 30-cent discount.
    The grades strengthened as U.S. crude's discount to the
Brent futures benchmark  WTCLc1-LCOc1  widened, making U.S.
grades more attractive to foreign buyers. 
    In an indication of future production, the number of oil
rigs fell by one to 509 this week, according to Baker Hughes.
    Money managers raised their net long U.S. crude futures and
options positions by 57,394 contracts to 202,624 during the week
to March 19, the U.S. Commodity Futures Trading Commission
(CFTC) said on Friday. 

 *  Light Louisiana Sweet  WTC-LLS  for April delivery gained 5
cents at a midpoint of a $3.85 premium and was seen bid and
offered between a $3.75 and $3.95 a barrel premium to U.S. crude
futures  CLc1  ​ 
 *  Mars Sour  WTC-MRS  gained 10 cents at a midpoint of a
30-cent discount and was seen bid and offered between a 40-cent
and 20-cent a barrel discount to U.S. crude futures  CLc1  ​ 
 *  WTI Midland  WTC-WTM  fell 5 cents at a midpoint of a $1.2
premium and was seen bid and offered between a $1.10 and $1.30 a
barrel premium to U.S. crude futures  CLc1  ​ 
 *  West Texas Sour  WTC-WTS  gained 10 cents at a midpoint of a
60-cent premium and was seen bid and offered between a 30-cent
and 90-cent a barrel premium to U.S. crude futures  CLc1  ​ 
 * WTI at East Houston  WTC-MEH , also known as MEH, traded
between a $1.40 and $1.60 a barrel premium to U.S. crude futures
 CLc1  ​ 
 *  ICE Brent May futures  LCOc1  fell 35 cents to settle at
$85.43 a barrel on Friday​. 
 *  WTI May crude  CLc1  futures fell 44 cents to settle at
$80.63 a barrel on Friday​. 
 *  The Brent/WTI spread  WTCLc1-LCOc1  widened last to minus
$4.77, after hitting a high of minus $4.65 and a low of minus
$4.78.

 (Reporting by Stephanie Kelly in New York; Editing by Nia
Williams)
 ((Stephanie.Kelly@tr.com))