US Cash Crude-Mars eases to lowest in nearly a year
Sept 18 (Reuters) -U.S. coastal cash crude prices eased on Thursday, dealers said, as the spread between U.S. West Texas Intermediate and Brent crude continued to remain weak.
Mars Sour fell 40 cents to a midpoint of a $2.30 discount, its lowest in nearly a year. WTI Midland gained 5 cents.
The WTI/Brent spread widened 2 cents to minus $3.74, bouncing off its narrowest in 3 months. However, a spread below minus $4 discourages exports of US crude.
U.S. crude oil stockpiles fell by 1.6 million barrels to 417.5 million barrels last week, their lowest level in a year, the Energy Information Administration (EIA) said on Wednesday.
Meanwhile, crude production in the U.S. Gulf of Mexico has also bounced back after Hurricane Francine. The hurricane had caused U.S. offshore oil and gas producers to lose 2.47 million barrels of oil due to shut-ins that began last week, according to a Reuters tally of BSEE daily estimates.
The U.S. is seeking to buy up to 6 million barrels of oil to help replenish the Strategic Petroleum Reserve after a historic sale from the facility in 2022, the Energy Department said on Wednesday.
In refining news, U.S. oil refiners are expected to have about 859,000 barrels per day (bpd) of capacity offline in the week ending Sept. 20, increasing available refining capacity by 74,000 bpd, research company IIR Energy said on Wednesday.
* Light Louisiana Sweet WTC-LLS for October delivery fell 35 cents at a midpoint of a $1.15 premium and was seen bid and offered between a 80-cent and $1.50 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS fell 40 cents at a midpoint of a $2.3 discount and was seen bid and offered between a $2.50 and $2.10 a barrel discount to U.S. crude futures CLc1
* WTI Midland WTC-WTM gained 5 cents at a midpoint of a 55-cent premium and was seen bid and offered between a 25-cent and 85-cent a barrel premium to U.S. crude futures CLc1
* West Texas Sour WTC-WTS was unchanged at a midpoint of a 30-cent discount and was seen bid and offered between discount of 60 cents and parity to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH, also known as MEH, traded between a 85-cent and $1.25 a barrel premium to U.S. crude futures CLc1
* ICE Brent November futures LCOc1 fell 5 cents to settle at $73.65 a barrel on Wednesday.
* WTI October crude CLc1 futures fell 28 cents to settle at $70.91 a barrel on Wednesday.
* The Brent/WTI spread WTCLc1-LCOc1 widened 2 cents to minus $3.76, after hitting a high of minus $3.61 and a low of minus $3.84.
Reporting by Arathy Somasekhar in Houston; Editing by Will Dunham, David Gregorio and Mohammed Safi Shamsi
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