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U.S. Cash Crude-Coastal grades firm as crude oil stockpiles seen falling

Reuters · 11/15/2022 17:22
U.S. Cash Crude-Coastal grades firm as crude oil stockpiles seen falling

- U.S. coastal cash crude oil grades strengthened on Tuesday, dealers said, while crude in storage was seen easing last week.

Light Louisiana Sweet crude and Mars Sour crude firmed 50 cents and 55 cents, respectively, to trade at $4.50 and minus $2.20 to U.S. crude futures.

Inland grades continued to ease, with WTI Midland crude weakening 5 cents to a midpoint of a $1.20 premium to crude futures.

U.S. crude stocks fell by about 5.8 million barrels for the week ended Nov. 11, they said. Gasoline inventories rose by about 1.7 million barrels, while distillate stocks rose by about 850,000 barrels, according to market sources citing American Petroleum Institute figures.

Separately, seven analysts polled by Reuters estimated on average that crude inventories dropped by about 400,000 barrels in the week to Nov. 11, an extended Reuters poll showed.

The poll was conducted ahead of the API report and the Wednesday report by the Energy Information Administration.


* Light Louisiana Sweet WTC-LLS for December delivery rose 50 cents to a midpoint of $4.50 and traded between a $4.25 and $4.75 a barrel premium to U.S. crude futures CLc1.

* Mars Sour WTC-MRS rose 55 cents to a midpoint of minus $2.20 and traded between a $2.40 and $2 a barrel discount to U.S. crude futures CLc1.

* WTI Midland WTC-WTM fell 5 cents to a midpoint of $1.20 and traded between a $1.10 and $1.30 a barrel premium to U.S. crude futures CLc1.

* West Texas Sour WTC-WTS fell 5 cents to a midpoint of minus $1.50 and traded between a $1.65 and $1.35 a barrel discount to U.S. crude futures CLc1.

* WTI at East Houston, also known as MEH, traded from $1.35 to $1.55 over WTI.

* ICE Brent January LCOc1 futures rose 72 cents to settle at $93.86 a barrel.

* WTI December crude CLc1 futures rose $1.05 cents to settle at $86.92 a barrel.

* The Brent/WTI spread WTCLc1-LCOc1 37 cents to settle at minus $7.61, after hitting a high of minus $7.55 and a low of minus $8.15.


(Reporting by Laila Kearney, editing by Deepa Babington)

((Laila.kearney@thomsonreuters.com; (917) 809-0054))