US Cash Crude-Mars eases to its lowest in over a year after Trump deal to import up to $2 billion worth of Venezuelan crude

HOUSTON, Jan 7 (Reuters) - Flagship U.S. Gulf Coast grade Mars eased on Wednesday to its lowest in more than a year, dealers said, after U.S. President Donald Trump's deal to import up to $2 billion worth of Venezuelan crude.

Venezuela will be "turning over" between 30 million and 50 million barrels of "sanctioned oil" to the U.S., Trump wrote in a social media post on Tuesday.

The deal between Washington and Caracas initially could require the rerouting of cargoes that were bound for China, sources told Reuters.

Mars, which competes with Venezuelan crude, weakened 50 cents to a $2 discount, its lowest since Sept 2024.

Meanwhile, U.S. crude inventories dropped by 3.8 million barrels to 419.1 million barrels in the week ended January 2, the EIA said, compared with analysts' expectations in a Reuters poll for a 447,000-barrel rise.

The discount of West Texas Intermediate crude to Brent also widened 28 cents to last trade at minus $4.04, the widest spread in over 2 weeks.

• Light Louisiana Sweet for February delivery was unchaged 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 eased 50 cents to a midpoint of a $2 discount and was seen bid and offered between a $2.25 and $1.75 a barrel discount to U.S. crude futures CLc1 ​

• WTI Midland firmed to a midpoint of a 75-cent premium and was seen bid and offered between a 60-cent and 90-cent a barrel premium to U.S. crude futures CLc1 ​

• West Texas Sour eased 10 cents to a midpoint of a $2 discount and was seen bid and offered between a $2.20 and $1.80 a barrel discount to U.S. crude futures CLc1

• WTI at East Houston, also known as MEH, traded between a 80-cent and $1.10 a barrel premium to U.S. crude futures CLc1

• ICE Brent March futures LCOc1 fell 74 cents to settle at $59.96 a barrel on Wednesday​.

• WTI February crude CLc1 futures fell $1.14 to settle at $55.99 a barrel on Wednesday​.

• The Brent/WTI spread widened 28 cents to to last trade at minus $4.04, after hitting a high of minus $3.76 and a low of minus $4.09.