US Cash Crude-Coastal grades ease, macro picture in focus

March 13 (Reuters) - U.S. coastal cash crude grades eased slightly on Thursday, dealers said, as market participants weighed an escalating trade war and a statement from Russian President Vladimir Putin over a potential ceasefire with Ukraine.

Putin said on Thursday that Russia supports a U.S. proposal for a ceasefire in Ukraine in principle, but that any truce would have to address the root causes of the conflict and that many crucial details needed to be sorted out. Ukrainian President Volodymyr Zelenskiy said Putin is preparing a rejection of the proposal, but is scared to say this directly to U.S. President Donald Trump.

Trump on Thursday threatened to slap a 200% tariff on wine, cognac and other alcohol imports from Europe, opening a new front in a global trade war that has roiled financial markets and raised recession fears. His threat came in response to a European Union plan to impose tariffs on U.S. whiskey and other products next month - which itself is a response to Trump's 25% tariffs on steel and aluminum imports that took effect on Wednesday.

Global oil supply could exceed demand by around 600,000 barrels per day this year, the International Energy Agency said on Thursday, due to growth led by the United States and weaker than expected global demand.

Light Louisiana Sweet WTC-LLS for April delivery eased at a midpoint of a $3.45 premium and was seen bid and offered between a $3.20 and $3.70 a barrel premium to U.S. crude futures CLc1

Mars Sour WTC-MRS eased 5 cents at a midpoint of a $1.55 premium and was seen bid and offered between a $1.50 and $1.6 a barrel premium to U.S. crude futures CLc1

WTI Midland WTC-WTM firmed 5 cents at a midpoint of a $1.15 premium and was seen bid and offered between a $1.05 and $1.25 a barrel premium to U.S. crude futures CLc1

West Texas Sour WTC-WTS was little changed at a midpoint of a 70-cent premium and was seen bid and offered between a 60-cent and 80-cent a barrel premium to U.S. crude futures CLc1

WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.20 and $1.40 a barrel premium to U.S. crude futures CLc1

ICE Brent May futures LCOc1 fell $1.07 to settle at $69.88 a barrel

WTI April crude CLc1 futures fell $1.13 to settle at $66.55 a barrel

The Brent/WTI spread WTCLc1-LCOc1 narrowed to last trade at minus $3.55, after hitting a high of minus $3.54 and a low of minus $3.66