US Cash Crude-Grades mixed as WTI/Brent spread widens

Inland grades strengthened on Friday, while Mars eased, dealers said, even as U.S. crude’s discount to Global benchmark Brent widened.

WTI Midland gained 15 cents each, while and WTI at Houston WTC-MEH gained 10 cents.

The Brent/WTI spread widened 17 cents to minus $4.50, after hitting a low of minus $4.70.

Meanwhile, the oil rig count, however, this week rose by six, the most since February, energy services firm Baker Hughes BKR.O said.

OPEC+, the Organization of the Petroleum Exporting Countries and its allies, is set to consider whether to make additional oil supply cuts when the group meets later this month, three sources told Reuters.

In refining news, U.S. oil refiners are expected to have 784,000 barrels per day (bpd) of capacity offline for the week ending Nov. 17, increasing available refining capacity by 605,000 bpd, research company IIR Energy said.

Light Louisiana Sweet for December delivery gained 60 cents at a midpoint of a $3.20 premium and was seen bid and offered between a $2.50 and $3.90 a barrel premium to U.S. crude futures.

Mars Sour fell 30 cents at a midpoint of a 40-cent premium and was seen bid and offered between a 20-cent and 60-cent a barrel premium to U.S. crude futures.

WTI Midland gained 15 cents at a midpoint of a $1.1 premium and was seen bid and offered between a 80-cent and $1.40 a barrel premium to U.S. crude futures.

West Texas Sour gained 20 cents at a midpoint of a 80-cent premium and was seen bid and offered between a 60-cent and $1.00 a barrel premium to U.S. crude futures.

WTI at East Houston, also known as MEH, traded between a $1.00 and $1.60 a barrel premium to U.S. crude futures CLc1

ICE Brent January futures LCOc1 rose $3.19 to settle at $80.61 a barrel.

WTI December crude CLc1 futures rose $2.99 to settle at $75.89 a barrel.

The Brent/WTI spread widened 17 cents to minus $4.33, after hitting a high of minus $4.28 and a low of minus $4.70.
Source: Reuters (Reporting by Arathy Somasekhar in Houston; Editing by David Gregorio)