US Cash Crude-Cash grades mixed on first day of roll trade
June 23 (Reuters) - U.S. cash crude differentials were mixed on Monday, the first day of the roll trading period, dealers said, and after Iran took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz.
Instead, Iran attacked a U.S. military base in Qatar in retaliation for U.S. attacks on its nuclear facilities. Oil futures fell more than 7% on Monday.
Meanwhile, the roll trading period began on Monday, a typically volatile three-day trading period during which traders square their positions. The roll begins after the U.S. futures contract expires.
Mars Sour WTC-MRS weakened 80 cents at a midpoint of a parity to U.S. crude futures CLc1, while WTI Midland WTC-WTM weakened 10 cents at a midpoint of a 15-cent discount.
The differential for WTI Midland WTC-WTM versus U.S. crude futures flipped to a discount on Friday for the first time since December 2022.
* Light Louisiana Sweet WTC-LLS for July delivery was little changed at a midpoint of a $2.50 premium and was seen bid and offered between a $2.40 and $2.60 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS weakened 80 cents at a midpoint of a parity and was seen bid and offered between a discount of 10 cents and 10-cent a barrel premium to U.S. crude futures CLc1
* WTI Midland WTC-WTM weakened 10 cents at a midpoint of a 15-cent discount and was seen bid and offered between a 25-cent and 5-cent a barrel discount to U.S. crude futures CLc1
* West Texas Sour WTC-WTS strengthened 8 cents at a midpoint of a 75-cent discount and was seen bid and offered between a 85-cent and 65-cent a barrel discount to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH, also known as MEH, traded between a discount of 10 cents and 10-cent a barrel premium to U.S. crude futures CLc1
* ICE Brent August futures LCOc1 fell $5.53 to settle at $71.48 a barrel
* WTI August crude CLc1 futures remained unchanged at $68.51 a barrel
* The Brent/WTI spread WTCLc1-LCOc1 narrowed 22 cents to last trade at minus $2.95, after hitting a high of minus $2.89 and a low of minus $3.45
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