US Cash Crude-Grades largely ease on last day of volatile roll trade period

US Physical Therapy

25/03/2024 22:05

March 25 (Reuters) - U.S. physical crude oil
differentials largely weakened on Monday, dealers said, on the
last day of the volatile roll trade period.
    Light Louisiana Sweet  WTC-LLS  fell 5 cents to a midpoint
of a $3.80 premium to U.S. crude futures  CLc1 . WTI Midland
 WTC-WTM  fell 20 cents, while WTI at East Houston  WTC-MEH ,
also known as MEH, falling 40 cents. 
    WTI at East Houston traded at a rare 15 cent discount to WTI
Midland. 
     Traders use the three-day roll period to square positions
and manage exposure, resulting in more volatile trading. Prices
to roll U.S. crude oil futures positions from April to May
traded at a midpoint of 80 cents a barrel.
    Inventories across the U.S. and in the Cushing storage hub
are expected to soften in April, consultancy Energy Aspects
wrote in a note, on lingering refinery maintenance and lower
U.S. Gulf Coast exports. 
    
    *  Light Louisiana Sweet  WTC-LLS  for April delivery fell 5
cents at a midpoint of a $3.80 premium and was seen bid and
offered between a $3.60 and $4.00 a barrel premium to U.S. crude
futures  CLc1  ​ 
    *  Mars Sour  WTC-MRS  gained 70 cents at a midpoint of a
40-cent premium and was seen bid and offered between a 20-cent
and 60-cent a barrel premium to U.S. crude futures  CLc1  ​ 
    *  WTI Midland  WTC-WTM  fell 25 cents at a midpoint of a
95-cent premium and was seen bid and offered between a 80-cent
and $1.10 a barrel premium to U.S. crude futures  CLc1  ​ 
    *  West Texas Sour  WTC-WTS  fell 15 cents at a midpoint of
a 45-cent premium and was seen bid and offered between a 25-cent
and 65-cent a barrel premium to U.S. crude futures  CLc1  ​ 
    * WTI at East Houston  WTC-MEH , also known as MEH, traded
between a 60-cent and $1.00 a barrel premium to U.S. crude
futures  CLc1  
    *  ICE Brent May futures  LCOc1  rose $1.32 to settle at
$86.75 a barrel on Monday​. 
    *  WTI May crude  CLc1  futures rose $1.32 to settle at
$81.95 a barrel on Monday​. 
    *  The Brent/WTI spread  WTCLc1-LCOc1  narrowed 4 cents to
minus $4.8, after hitting a high of minus $4.70 and a low of
minus $4.80.
    

 (Reporting by Arathy Somasekhar in Houston; Editing by Devika
Syamnath)
 ((Arathy.s@tr.com))