US Cash Crude-WTI Midland eases on weak Asia demand
Aug 16 (Reuters) -U.S. WTI Midland crude weakened on Friday, dealers said, on weak demand from Asia refiners.
WTI Midland eased 5 cents, while Mars strengthened 15 cents.
Asian refiners are snapping up Middle East light crude oil cargoes as high Brent prices curb arbitrage supply from the U.S., traders said.
Offers for U.S. West Texas Intermediate Midland (WTI) crude to Asia were at $5-$6 a barrel above Dubai quotes for November delivery, holding strong for a second straight month and curbing light sweet crude supply to the East, traders said.
The spread between WTI and Brent WTCLc1-LCOc1 last traded around minus $4.17 per barrel. A spread narrower than minus $4 discourages foreign buying of U.S. crude, while a spread wider than minus $4 encourages buying.
Meanwhile, on the supply side, oil rigs fell by two to 483 this week, Baker Hughes.
* Light Louisiana Sweet WTC-LLS for September delivery was unchanged at a midpoint of a $1.25 premium and was seen bid and offered between a $1.00 and $1.50 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS gained 15 cents at a midpoint of a $1.75 discount and was seen bid and offered between a $2.00 and $1.50 a barrel discount to U.S. crude futures CLc1
* WTI Midland WTC-WTM fell 5 cents to a midpoint of a 60-cent premium and was seen bid and offered between a 40-cent and 80-cent a barrel premium to U.S. crude futures CLc1
* West Texas Sour WTC-WTS fell 15 cents to a midpoint of a parity and was seen bid and offered between a discount of 30 cents and 30-cent a barrel premium to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.00 and $1.40 a barrel premium to U.S. crude futures CLc1
* ICE Brent October futures LCOc1 fell $1.36 to settle at $79.68 a barrel on Friday .
* WTI September crude CLc1 futures fell $1.51 to settle at $76.65 a barrel on Friday .
* The Brent/WTI spread WTCLc1-LCOc1 widened 11 cents to minus $4.16, after hitting a high of minus $4.07 and a low of minus $4.17.
Reporting by Arathy Somasekhar in Houston; Editing by Richard Chang
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