Reuters
2022.06.22 04:25

U.S. Cash Crude-Inland grades rise on last day of WTI contract

June 21 (Reuters) - Inland crude grades rose on Tuesday, with market participants aggressively buying WTI Midland

June 21 (Reuters) - Inland crude grades rose on Tuesday, with market participants aggressively buying WTI Midland

(WTC-WTM) and pushing it to its highest price in more than a month, while the U.S. crude futures benchmark (CLc1) expired at the end of the session, dealers said.

WTI Midland (WTC-WTM) rose 45 cents to a midpoint of $1.20, the highest since May 13. West Texas Sour (WTC-WTS) rose $1.05 to a midpoint of $1.45, the highest since January 2021.

Coastal grades were mixed. Light Louisiana Sweet rose on Tuesday, after it fell last session to its lowest in nearly a month as markets noted a release of sweet barrels from U.S. emergency oil reserves.

Meanwhile, Mars Sour (WTC-MRS) fell 10 cents to a midpoint of minus-$6.35.

During the session, WTI’s discount to Brent narrowed to settle at minus-$5.13 a barrel. A narrower spread makes U.S. linked grades less attractive to foreign buyers.

In the futures market, oil prices edged up on Tuesday on high summer fuel demand while supplies remained tight because of sanctions on Russian oil after its invasion of Ukraine. (O/R)

  • Light Louisiana Sweet (WTC-LLS) for July delivery rose 25 cents to a midpoint of 55 cents and traded between 40 cents and 70 cents a barrel premium to U.S. crude futures (CLc1) .

  • Mars Sour (WTC-MRS) fell 10 cents to a midpoint of minus-$6.35 and traded between $6.45 and $6.25 a barrel discount to U.S. crude futures (CLc1) .

  • WTI Midland (WTC-WTM) rose 45 cents to a midpoint of $1.20 and traded between 90 cents and $1.50 a barrel premium to U.S. crude futures (CLc1) .

  • West Texas Sour (WTC-WTS) rose $1.05 to a midpoint of $1.45 and traded between $1.15 and $1.75 a barrel premium to U.S. crude futures (CLc1) .

  • WTI at East Houston, also known as MEH, traded at $1.20 over WTI.

  • ICE Brent August (LCOc1) futures rose 52 cents to settle at $114.65 a barrel.

  • WTI July crude (CLc1) futures rose $1.09 to settle at $110.65 a barrel.

  • The Brent/WTI spread (WTCLc1-LCOc1) narrowed 19 cents to settle at minus-$5.13, after hitting a high of minus-$4.97 and a low of minus-$5.57.

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