US Cash Crude-Grades stable as WTI/Brent spread narrows to most in a month
July 1 (Reuters) -Physically traded domestic crude grades largely held steady on Monday, dealers said, even as the spread between West Texas Intermediate (WTI) and Brent narrowed to its most in a month.
Mars Sour WTC-MRS and WTI Midland WTC-WTM each fell 5 cents.
The Brent/WTI spread WTCLc1-LCOc1 narrowed to as high as minus $4.24, the smallest spread since May 31.
Meanwhile, U.S. crude oil were expected to have fallen by 200,000 barrels in the week to June 28, a preliminary Reuters poll showed on Monday.
Top oil exporter Saudi Arabia may cut prices for crude grades it sells to Asia for a second month in August, trade sources said, a move that could impact demand for US crudes in Asia.
About 20 ships loaded crude oil on Canada's West Coast in the first full month of operation on the newly expanded Trans Mountain pipeline, according to vessel-tracking data on Sunday, slightly below the operator's forecast.
Markets also watched any impact to U.S offshore production from Hurricane Beryl. It was expected to pass Jamaica on Wednesday and slam into the Yucatan Peninsula in Mexico on Friday, a day before weakening into a tropical storm and entering the Bay of Campeche in the Gulf of Mexico, where Mexico produces much of its oil.
* Light Louisiana Sweet WTC-LLS for August delivery fell 10 cents at a midpoint of a $2.90 premium and was seen bid and offered between a $2.70 and $3.10 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS fell 5 cents at a midpoint of a 80-cent premium and was seen bid and offered between a 70-cent and 90-cent a barrel premium to U.S. crude futures CLc1
* WTI Midland WTC-WTM fell 5 cents at a midpoint of a 90-cent premium and was seen bid and offered between a 70-cent and $1.10 a barrel premium to U.S. crude futures CLc1
* West Texas Sour WTC-WTS fell 2.5 cents 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 at East Houston WTC-MEH, also known as MEH, traded between a $1.00 and $1.50 a barrel premium to U.S. crude futures CLc1
* ICE Brent September futures LCOc1 rose $1.6 to settle at $86.6 a barrel on Monday .
* WTI August crude CLc1 futures rose $1.84 to settle at $83.38 a barrel on Monday .
* The Brent/WTI spread WTCLc1-LCOc1 narrowed 6 cents to minus $4.28, after hitting a high of minus $4.24 and a low of minus $4.41.
Reporting by Arathy Somasekhar in Houston; Editing by David Gregorio
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