US Cash Crude-Grades tick higher as domestic crude stocks fall

HOUSTON, Dec 31 (Reuters) - Grades broadly rose on Wednesday, dealers said, as domestic crude stocks posted a decline last week, according to the Energy Information Administration.

U.S. crude stocks fell while gasoline and distillate inventories rose last week on robust refining activity, the EIA said on Wednesday.

Crude inventories fell by 1.9 million barrels to 422.9 million barrels in the week ended December 26, the EIA said. EIA/S

Analysts pointed to ad valorem taxes applied to crude inventories - which typically prompt a reduction in stocks - as a reason for the drawdown.

Meanwhile, U.S. oil refiners are expected to have about 192,000 barrels per day (bpd) of capacity offline in the week ending January 2, decreasing available refining capacity by 47,000 bpd, research company IIR Energy said.

Offline capacity is expected to rise to 625,000 in the week ending January 9, IIR said.

• Light Louisiana Sweet for February delivery was steady at a midpoint of a $1.45 premium and was seen bid and offered between a 90-cent and $2.00 a barrel premium to U.S. crude futures CLc1 ​

• Mars Sour rose 5 cents to a midpoint of a $1.75 discount and was seen bid and offered between a $1.85 and $1.65 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 rose $1 to a midpoint of a $1.50 discount and was seen bid and offered between a $2.00 and $1.00 a barrel discount to U.S. crude futures CLc1 ​

• WTI at East Houston , also known as MEH, traded between a 65-cent and 85-cent a barrel premium to U.S. crude futures CLc1 ​

• ICE Brent March futures LCOc1 fell 48 cents to settle at $60.85 a barrel

• WTI February crude CLc1 futures fell 53 cents to settle at $57.42 a barrel

• The Brent/WTI spread widened 2 cents to last trade at minus $3.61, after hitting a high of minus $3.55 and a low of minus $3.63