US Cash Crude-Grades ease on narrow WTI/Brent spreads
June 30 (Reuters) - Coastal grades eased on Monday, dealers said, as the spread between U.S. crude futures and the global benchmark Brent remained narrow.
Light Louisiana Sweet WTC-LLS for August delivery eased 30 cents, while Mars Sour WTC-MRS weakened 40 cents.
U.S. crude futures' discount to Brent was as little as $2.77 a barrel on Monday.
A narrower spread makes U.S. grades less attractive to foreign buyers. Minus $4 per barrel is typically considered the level that encourages U.S. exports, as traders see an open arbitrage route.
U.S. crude oil production hit a record 13.47 million barrels per day in April, up from 13.45 million bpd in March, according to data released by the Energy Information Administration as part of its Petroleum Supply Monthly series.
The OPEC+ group was set to boost production by 411,000 bpd in August after similar increases for May, June and July, sources told Reuters last week.
Analysts have marginally lifted their oil price forecasts after the flare-up of tensions in the Middle East, but rising OPEC+ supply and a tempered demand outlook continue to weigh on crude, a Reuters poll showed on Monday.
* Light Louisiana Sweet WTC-LLS for August delivery eased 30 cents to a midpoint of a $2.00 premium and was seen bid and offered between a $1.80 and $2.20 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS fell 40 cents to a midpoint of a $1.00 premium and was seen bid and offered between an 80-cent and $1.20 a barrel premium to U.S. crude futures CLc1
* WTI Midland WTC-WTM rose 5 cents to a midpoint of a 20-cent premium and was seen bid and offered between flat and 40-cent a barrel premium to U.S. crude futures CLc1
* West Texas Sour WTC-WTS was unchanged at a midpoint of a 45-cent discount and was seen bid and offered between a 55-cent and 35-cent a barrel discount to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH, also known as MEH, traded between a 25-cent and 75-cent a barrel premium to U.S. crude futures CLc1
* ICE Brent August futures LCOc1 rose 4 cents to settle at $67.77 a barrel
* WTI August crude CLc1 futures rose 28 cents to settle at $65.52 a barrel
* The Brent/WTI spread WTCLc1-LCOc1 was last seen trading at about -$2.77.
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