US Cash Crude-Grades steady as wide WTI/Brent spread offsets rising domestic supplies
Oct 8 (Reuters) - Domestic crude grades were broadly steady on Wednesday, dealers said, as firmer export demand helped offset a rise in domestic supplies.
U.S. crude oil stockpiles rose last week, while gasoline and distillate inventories fell as demand jumped, the Energy Information Administration said on Wednesday.
Crude inventories rose by 3.7 million barrels to 420.3 million barrels in the week ended October 3, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.9 million-barrel rise.
Meanwhile the spread between West Texas Intermediate crude futures and global benchmark Brent widened, which typically makes U.S. grades more attractive to foreign buyers.
The discount WTCLc1-LCOc1 widened to as much as minus $4.26 a barrel. A discount of around $4 suggests an open arbitrage window.
* Light Louisiana Sweet WTC-LLS for November delivery was steady at a midpoint of a $1.85 premium and was seen bid and offered between a $1.50 and $2.20 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS fell 45 cents to a midpoint of a 55-cent discount and was seen bid and offered between a 65-cent and 45-cent a barrel discount to U.S. crude futures CLc1
* WTI Midland WTC-WTM was steady at a midpoint of a 80-cent premium and was seen bid and offered between a 70-cent and 90-cent a barrel premium to U.S. crude futures CLc1
* West Texas Sour WTC-WTS was steady at a midpoint of a 5-cent discount and was seen bid and offered between a discount of 15 cents and 5-cent a barrel premium to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.10 and $1.30 a barrel premium to U.S. crude futures CLc1
* ICE Brent December futures LCOc1 rose 80 cents to settle at $66.25 a barrel
* WTI November crude CLc1 futures rose 82 cents to settle at $62.55 a barrel
* The Brent/WTI spread WTCLc1-LCOc1 widened 13 cents to last trade at minus $4.26, after hitting a high of minus $4.14 and a low of minus $4.26
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