US Cash Crude-Inland grades weaken ahead of roll trade period

US Physical Therapy

20/03/2024 21:24

March 20 (Reuters) - U.S. physical inland crude oil
deals weakened on Wednesday, dealers said, as the front-month
U.S. crude futures contract expired, marking the start Thursday
of the volatile roll trade period.
    The roll period, which begins the session after the
front-month expiry, lasts three days and occurs for traders to
square positions.
    WTI Midland  WTC-WTM  fell 5 cents at a midpoint of a $1.20
premium to U.S. crude futures  CLc1 , while West Texas Sour
 WTC-WTS  fell 45 cents at a midpoint of a 40-cent premium. 
    In U.S. supply, crude oil stockpiles fell unexpectedly last
week as exports rose and refiners continued to increase
activity, while gasoline inventories decreased more than
expected, the Energy Information Administration (EIA) said on
Wednesday.  EIA/S 
    Crude inventories fell for the second week in a row,
dropping by 2 million barrels to 445 million barrels in the week
ended March 15, the EIA said, compared with analysts'
expectations in a Reuters poll for a 13,000-barrel rise.
    
 *  Light Louisiana Sweet  WTC-LLS  for April delivery gained 40
cents at a midpoint of a $3.80 premium and was seen bid and
offered between a $3.70 and $3.90 a barrel premium to U.S. crude
futures  CLc1  ​ 
 *  Mars Sour  WTC-MRS  fell 30 cents at a midpoint of a parity
and was seen bid and offered between a discount of 10 cents​​
and a 10-cent a barrel premium 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  fell 45 cents at a midpoint of a
40-cent premium and was seen bid and offered between a 30-cent
and 50-cent a barrel premium to U.S. crude futures  CLc1  ​ 
 * WTI at East Houston  WTC-MEH , also known as MEH, traded
between a $1.30 and $1.50 a barrel premium to U.S. crude futures
 CLc1  ​ 
 *  ICE Brent May futures  LCOc1  fell $1.43 to settle at $85.95
a barrel on Wednesday​. 
 *  WTI April crude  CLc1  futures fell $1.79 to settle at
$81.68 a barrel on Wednesday​. 
 *  The Brent/WTI spread  WTCLc1-LCOc1  widened last to minus
$5.06, after hitting a high of minus $4.63 and a low of minus
$4.78.

 (Reporting by Stephanie Kelly in New York; Editing by Jamie
Freed)
 ((Stephanie.Kelly@tr.com))