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US Cash Crude-Inland grades firm as winter storm sweeps through country

ReutersJan 6, 2025 10:57 PM

- Inland domestic crude grades strengthened on Monday as a winter storm marched across the United States.

The first major winter storm of the New Year barreled into the U.S. mid-Atlantic states on Monday, closing federal offices and public schools in Washington, D.C., after dumping a foot of snow in parts of the Ohio Valley and Central Plains.

WTI Midland and West Texas Sour were up 10 cents each. WTI at East Houston WTC-MEH, known as MEH, also strengthened 10 cents. Other grades were largely flat.

The spread between U.S. West Texas Intermediate and Brent crude narrowed to as little as minus $3.25 per barrel, continuing to trade in a narrow range.

A narrow spread between WTI and the global benchmark, particularly under minus $4, discourages transatlantic demand.

On the refining side, U.S. oil refiners are expected to have about 928,000 barrels per day (bpd) of capacity offline in the week ending Jan. 10, decreasing available refining capacity by 688,000 bpd, research company IIR Energy said on Monday.

* Light Louisiana Sweet WTC-LLS for February delivery was unchanged at a midpoint of a $2.25 premium and was seen bid and offered between a $2.10 and $2.40 a barrel premium to U.S. crude futures CLc1

* Mars Sour WTC-MRS was unchanged at a midpoint of a 20-cent premium and was seen bid and offered between parity and 40-cent a barrel premium to U.S. crude futures CLc1

* WTI Midland WTC-WTM gained 10 cents to a midpoint of a 75-cent premium and was seen bid and offered between a 50-cent and $1.00 a barrel premium to U.S. crude futures CLc1

* West Texas Sour WTC-WTS gained 10 cents to a midpoint of a 5-cent discount and was seen bid and offered between a discount of 25 cents and 15-cent a barrel premium to U.S. crude futures CLc1

* WTI at East Houston WTC-MEH, also known as MEH, traded between a 75-cent and $1.25 a barrel premium to U.S. crude futures CLc1

* ICE Brent March futures LCOc1 fell 21 cents to settle at $76.30 a barrel on Monday.

* WTI February crude CLc1 futures fell 40 cents to settle at $73.56 a barrel on Monday.

* The Brent/WTI spread WTCLc1-LCOc1 widened 12 cents to last trade at minus $3.42, after hitting a high of minus $3.25 and a low of minus $3.44.

(Reporting by Arathy Somasekhar in Houston; Editing by Jamie Freed)

((Arathy.s@tr.com))

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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