US Cash Crude-Sour grades weaken on narrower WTI/Brent spread
Aug 11 (Reuters) - U.S. sour crude grade differentials weakened on Monday, dealers said, as the spread between U.S. crude futures and global benchmark Brent narrowed.
U.S. crude futures' discount to Brent narrowed to minus $3.52 a barrel. A narrower spread makes U.S. grades less attractive to foreign buyers. Earlier in the session, the discount widened to minus $3.62, the most since June.
Though sour grades weakened, WTI Midland WTC-WTM, a sweet grade, strengthened 5 cents at a midpoint of a 50-cent premium, its strongest since July.
WTI at East Houston WTC-MEH, also known as MEH, traded at an 80-cent a barrel premium to U.S. crude futures CLc1, also the strongest since July.
Oil settled flat on Monday after falling more than 4% last week, as investors looked towards talks this week between the U.S. and Russia over the war in Ukraine. O/R
* Light Louisiana Sweet WTC-LLS for September delivery was little changed at a midpoint of a $1.93 premium and was seen bid and offered between a $1.70 and $2.15 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS weakened 5 cents at a midpoint of a 10-cent premium and was seen bid and offered between parity and 20-cent a barrel premium to U.S. crude futures CLc1
* WTI Midland WTC-WTM strengthened 5 cents at a midpoint of a 50-cent premium and was seen bid and offered between a 40-cent and 60-cent a barrel premium to U.S. crude futures CLc1
* West Texas Sour WTC-WTS weakened 5 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
* WTI at East Houston WTC-MEH, also known as MEH, traded between a 70-cent and 90-cent a barrel premium to U.S. crude futures CLc1
* ICE Brent October futures LCOc1 rose 4 cents to settle at $66.63 a barrel
* WTI September crude CLc1 futures rose 8 cents to settle at $63.96 a barrel
* The Brent/WTI spread WTCLc1-LCOc1 narrowed 6 cents to last trade at minus $3.53, after hitting a high of minus $3.52 and a low of minus $3.62
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