US Cash Crude-Midland, MEH stay weak as high freight rates hurt export demand

HOUSTON, Feb 20 (Reuters) - WTI Midland and WTI at East Houston, also known as MEH, remained weak on Friday, as high freight rates capped export demand.

WTI Midland traded at a 25-cent premium. It had touched its lowest in about seven months on Thursday. MEH traded at 95 cents, the lowest in over a month.

Coastal grades climbed as WTI's discount to Brent remained wide at minus $5.31 a barrel. A discount larger than $4 a barrel typically drives higher demand for barrels across the Atlantic, as traders spot an arbitrage window.

On the supply side, oil rigs held at 409 this week, Baker Hughes said.

• Light Louisiana Sweet for March delivery eased 5 cents to a midpoint of a $2.25 premium and was seen bid and offered between a $2.00 and $2.50 a barrel premium to U.S. crude futures CLc1 ​

• Mars Sour rose 15 cents to trade at parity, and was seen bid and offered between a 20-cent premium and a 20-cent a barrel discount to U.S. crude futures CLc1

• WTI Midland gained 10 cents to a midpoint of a 25-cent premium and was seen bid and offered between flat and a 50-cent a barrel premium to U.S. crude futures CLc1 ​

• West Texas Sour rose 35 cents to a midpoint of a $3 discount and was seen bid and offered between a $3.25 and $3.75 a barrel discount to U.S. crude futures CLc1 ​

• WTI at East Houston, also known as MEH, traded between a 75-cent and $1.15 a barrel premium to U.S. crude futures CLc1 ​

• ICE Brent April futures LCOc1 rose 10 cents to settle at $71.76 a barrel

• WTI March crude CLc1 futures eased 4 cents to settle at $66.39 a barrel

• The Brent/WTI spread narrowed 6 cents to last trade at minus $5.31, after hitting a high of minus $5.19 and a low of minus $5.32