US Cash Crude-Offshore grades rise as WTI/Brent spread stays wide
HOUSTON, Feb 19 (Reuters) - Physically traded offshore grades rose on Thursday, dealers said, as the spread between WTI and Brent crude futures stayed wide and domestic crude stocks fell.
A discount larger than $4 a barrel typically drives higher demand for barrels across the Atlantic, as traders spot an arbitrage window.
Meanwhile, U.S. crude, gasoline and distillate inventories fell last week, the Energy Information Administration said on Thursday, as demand rose from refineries to the fuel pump.
Crude inventories fell by 9 million barrels to 419.8 million barrels in the week ended February 13, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.1-million-barrel rise.
Oil futures rose around 2% to settle at their highest level in six months, as traders worried about escalating tensions between the United States and Iran, which have stepped up military activity in the oil-producing Middle East.
Light Louisiana Sweet for March delivery rose 5 cents to a midpoint of a $2.30 premium and was seen bid and offered between a $2.00 and $2.60 a barrel premium to U.S. crude futures CLc1
Mars Sour rose 10 cents to a midpoint of a 15-cent discount and was seen bid and offered between a 25-cent and 5-cent a barrel discount to U.S. crude futures CLc1
WTI Midland fell 15 cents to a midpoint of a 15-cent premium and was seen bid and offered between a 5-cent and 25-cent a barrel premium to U.S. crude futures CLc1
West Texas Sour fell 45 cents to a midpoint of a $3.35 discount and was seen bid and offered between a $3.45 and $3.25 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 April futures LCOc1 rose $1.31 to settle at $71.66 a barrel
WTI March crude CLc1 futures rose $1.24 to settle at $66.43 a barrel
The Brent/WTI spread narrowed 6 cents to last trade at minus $5.24, after hitting a high of minus $5.18 and a low of minus $5.33
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