US Cash Crude-Grades largely ease on last day of roll trade period

HOUSTON, Jan 22(Reuters) - Coastal crude grades largely eased on Wednesday, dealers said, on the final day of the volatile roll trading period.

Traders use the three-day roll period to adjust their crude slates, square up positions and net out exposures following the expiration of the U.S. crude futures contract.

Prices to roll U.S. crude oil futures positions from February to March traded at 15 cents a barrel.

U.S. crude, gasoline and distillate inventories rose last week as both refinery and consumer demand slumped, the Energy Information Administration said on Thursday.

Crude stocks rose by 3.6 million barrels to 426 million barrels in the week ended January 16, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.13-million-barrel rise.

Valero VLO.N and Phillips 66 PSX.N bought cargoes of Venezuelan crude oil, sources said on Wednesday, the first deals by U.S. Gulf Coast refiners as a part of Washington's agreement with Caracas to export up to 50 million barrels. While the oil will be sold in the global marketplace, the administration has required that the majority be sold to the United States, a US official said.

Meanwhile, U.S. Energy Secretary Chris Wright said the world needs to more than double oil production.

• Light Louisiana Sweet for February delivery eased 12 cents at a midpoint of a $1.23 premium and was seen bid and offered between a 95-cent and $1.50 a barrel premium to U.S. crude futures CLc1 ​

• Mars Sour eased to a midpoint of a 50-cent discount and was seen bid and offered between a 75-cent and 25-cent a barrel discount to U.S. crude futures CLc1 ​

• WTI Midland was unchanged at a midpoint of a 75-cent premium and was seen bid and offered between a 50-cent and $1.00 a barrel premium to U.S. crude futures CLc1 ​

• West Texas Sour firmed 20 cents to a midpoint of a $3.05 discount and was seen bid and offered between a $3.25 and $2.85 a barrel discount to U.S. crude futures CLc1

• WTI at East Houston, also known as MEH, traded between a 70-cent and $1.10 a barrel premium to U.S. crude futures CLc1

• ICE Brent March futures LCOc1 fell $1.18 to settle at $64.06 a barrel on Thursday​.

• WTI March crude CLc1 futures fell $1.26 to settle at $59.36 a barrel on Thursday​.

• The Brent/WTI spread widened 8 cents to last trade at minus $4.70, after hitting a high of minus $4.51 and a low of minus $4.73.