US Cash Crude- Grades ease as WTI/Brent spread narrows below minus $4
Aug 6 (Reuters) -Physically traded domestic U.S. crudes largely fell on Tuesday, dealers said, as the spread between U.S. West Texas Intermediate (WTI) crude and Brent narrowed below minus $4.
The WTI/Brent spread settle at minus $4.16 a barrel, but traded as narrow as minus $3.95. A narrower spread makes U.S. crude less attractive to foreign buyers.
WTI Midland WTC-WTM weakened 5 cents, while WTI at East Houston WTC-MEH, also known as MEH, eased 15 cents. Mars weakened 25 cents.
U.S. crude oil inventories rose by 176,000 barrels in the week ended August 2, according to market sources citing American Petroleum Institute figures on Tuesday. Analysts had on average expected a draw of 700,00 barrels. API/S
The U.S. Energy Information Administration on Tuesday forecast tighter supply and demand balances for U.S. oil markets this year, while also lowering its outlook for crude prices, according to its Short-Term Energy Outlook.
In refining news, leading U.S. crude oil refiner Marathon Petroleum MPC.N said it plans to operate its 13 refineries at 90% of their combined 3 million-barrel-per-day (bpd) capacity in the third quarter.
* Light Louisiana Sweet WTC-LLS for September delivery fell 35 cents at a midpoint of a $1.80 premium and was seen bid and offered between a $1.60 and $2.00 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS fell 25 cents at a midpoint of a 90-cent discount and was seen bid and offered between a $1.10 and 70-cent a barrel discount to U.S. crude futures CLc1
* WTI Midland WTC-WTM fell 5 cents at 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 fell 10 cents at a midpoint of a 5-cent discount and was seen bid and offered between a discount of 30 cents and 20-cent a barrel premium to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH, also known as MEH, traded between a 90-cent and $1.30 a barrel premium to U.S. crude futures CLc1
* ICE Brent October futures LCOc1 rose 18 cents to settle at $76.48 a barrel on Tuesday .
* WTI September crude CLc1 futures rose 26 cents to settle at $73.2 a barrel on Tuesday .
* The Brent/WTI spread WTCLc1-LCOc1 widened 5 cents to minus $4.1, after hitting a high of minus $3.95 and a low of minus $4.19.
Reporting by Arathy Somasekhar in Houston
Editing by Marguerita Choy and David Gregorio
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