US Cash Crude- Grades fall as gasoline stocks reach 5-year high

HOUSTON, Feb 4 (Reuters) - Grades fell on Wednesday, dealers said, as gasoline stocks rose to a more than five-year high.

U.S. gasoline stocks USOILG=ECI rose by 685,000 barrels last week to 257.9 million barrels, the highest since June 2020, the Energy Information Administration said. That compared with analysts' expectations in a Reuters poll for a 1.4 million-barrel build.​

The spread between WTI and Brent stayed wide, putting a floor under prices. The spread was trading as wide as minus $4.72 during the session. A spread larger than minus $4 typically encourages export demand, driving prices higher.

U.S. oil refiners are expected to have about 1.3 million barrels per day of capacity offline in the week ending February 6, increasing available refining capacity by 90,000 bpd, research company IIR Energy said on Wednesday.

Offline capacity is expected to fall to 1.2 million bpd in the week ending February 13, IIR said.

• Light Louisiana Sweet for March delivery fell 5 cents to a midpoint of a $1.33 premium and was seen bid and offered between a $1.25 and $1.40 a barrel premium to U.S. crude futures CLc1 ​

• Mars Sour fell 25 cents to a midpoint of a $1.10 discount and was seen bid and offered between a $1.20 and $1 a barrel discount to U.S. crude futures CLc1 ​

• WTI Midland fell 5 cents to a midpoint of a 85-cent premium and was seen bid and offered between a 75-cent and 95-cent a barrel premium to U.S. crude futures CLc1 ​

• West Texas Sour fell 7 cents to a midpoint of a $2.30 discount and was seen bid and offered between a $2.40 and $2.20 a barrel discount to U.S. crude futures CLc1 ​

• WTI at East Houston, also known as MEH, traded between a $1.10 and $1.30 a barrel premium to U.S. crude futures CLc1 ​

• ICE Brent April futures LCOc1 rose $2.13 to settle at $69.46 a barrel

• WTI March crude CLc1 futures rose $1.93 to settle at $65.14 a barrel

• The Brent/WTI spread widened 11 cents to last trade at minus $4.61, after hitting a high of minus $4.42 and a low of minus $4.72