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US Cash Crude-Mars Sour rises as domestic refinery demand firms, wide Brent/WTI spread

ReutersNov 17, 2025 9:54 PM

- Grades were mixed on Monday, dealers said, with Mars Sour rising on firm domestic refinery demand as well as a wide discount between Brent and U.S. crude futures.

U.S. oil refiners are expected to have about 442,000 barrels per day of capacity offline in the week ending November 21, increasing available refining capacity by 348,000 bpd, research company IIR Energy said.

Offline capacity is expected to fall to 106,000 bpd in the week ending November 28, IIR said.

Meanwhile, the spread between global benchmark Brent and West Texas Intermediate crude futures stayed wide, which typically makes U.S. grades more attractive to foreign buyers.

The discount WTCLc1-LCOc1 widened to as much as minus $4.47 a barrel during the session, suggesting an open arbitrage window.

On the supply side, three analysts polled by Reuters ahead of weekly inventory data estimated on average that crude inventories fell by about 2 million barrels in the week to November 14.

Elsewhere, Russia's Novorossiysk port resumed oil loadings on Sunday after a two-day suspension triggered by a Ukrainian missile and drone attack, two industry sources said and LSEG data showed.

  • Light Louisiana Sweet for December delivery was steady at a midpoint of a $1 premium and was seen bid and offered between a 80-cent and $1.20 a barrel premium to U.S. crude futures CLc1

  • Mars Sour rose 20 cents to a midpoint of a 70-cent discount and was seen bid and offered between a 80-cent and 60-cent a barrel discount to U.S. crude futures CLc1

  • WTI Midland rose 5 cents to 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 fell 30 cents to a midpoint of a $1.10 discount and was seen bid and offered between a $1.25 and 95-cent a barrel discount to U.S. crude futures CLc1

  • WTI at East Houston, also known as MEH, traded between a 75-cent and 95-cent a barrel premium to U.S. crude futures CLc1

  • ICE Brent January futures LCOc1 fell 19 cents to settle at $64.20 a barrel

  • WTI December crude CLc1 futures fell 18 cents to settle at $59.91 a barrel

  • The Brent/WTI spread narrowed 10 cents to last trade at minus $4.34, after hitting a high of minus $4.31 and a low of minus $4.47

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