US Cash Crude-Grades mixed as global supply concerns ease, WTI/Brent spread stays wide
Oct 9 (Reuters) - Grades were mixed on Thursday, dealers said, as investors weighed easing global supply concerns following a ceasefire in Gaza, against a wide WTI/Brent spread.
Israel and the Palestinian militant group Hamas signed an agreement on Thursday to cease fire and free Israeli hostages in exchange for Palestinian prisoners, in the first phase of U.S. President Donald Trump's plan to end the war in Gaza.
The war had lent support to oil prices as traders weighed the potential threat of the conflict spilling over into key-producer Iran, as well as potential bottlenecks as Yemen's Iran-backed Houthi rebels attacked tankers in the Red Sea in solidarity with Palestinians.
The spread between West Texas Intermediate crude futures and global benchmark Brent remained wide, which typically makes U.S. grades more attractive to foreign buyers.
The discount WTCLc1-LCOc1 widened to as much as minus $4.27 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 10 cents to a midpoint of a 65-cent discount and was seen bid and offered between a 75-cent and 55-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 rose 2 cents to a midpoint of a 3-cent discount and was seen bid and offered between a discount of 10 cents and a 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 fell $1.03 to settle at $65.22 a barrel
* WTI November crude CLc1 futures fell $1.04 to settle at $61.51 a barrel
* The Brent/WTI spread WTCLc1-LCOc1 narrowed 4 cents to last trade at minus $4.19, after hitting a high of minus $4.18 and a low of minus $4.27
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