US Cash Crude-Grades dip as Brent-WTI spread narrows to smallest discount in a month
Nov 1 (Reuters) -U.S. cash crude prices broadly eased on Friday, dealers said, as the spread between U.S. West Texas Intermediate and Brent crude narrowed to its smallest discount since Sept. 30.
A narrower spread between the global benchmark and WTI, particularly under minus $4 typically discourages transatlantic demand as traders see a closed arbitrage.
In refining news, Lyondell Basell Industries LYB.N plans to permanently shut its 263,776 barrel-per-day Houston refinery in two stages, with the first in January and the second in February, Kim Foley, head of the company's refining operations, said on Friday.
In the nearer term, U.S. oil refiners are expected to have about 670,000 barrels per day (bpd) of capacity offline in the week ending Nov. 1, raising available refining capacity by 198,000 bpd, research company IIR Energy said on Friday.
Offline capacity is expected to fall to 554,000 bpd in the week ending Nov. 8 and to 520,000 bpd in the subsequent week, IIR added.
* Light Louisiana Sweet WTC-LLS for December delivery rose 22 cents to a midpoint of a $1.70 premium and was seen bid and offered between a $1.60 and $1.80 a barrel premium to U.S. crude futures CLc1.
* Mars Sour WTC-MRS fell 10 cents to a midpoint of a $1.30 discount and was seen bid and offered between a $1.40 and $1.20 a barrel discount to U.S. crude futures CLc1.
* WTI Midland WTC-WTM to a midpoint of a 65 cent premium and was seen bid and offered between a 55-cent and 75-cent premium to U.S. crude futures CLc1.
* West Texas Sour WTC-WTS to a midpoint of a 55-cent discount and was seen bid and offered between a discount of 85 cents and 25 cents to U.S. crude futures CLc1.
* WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.05 and $1.25 a barrel premium to U.S. crude futures CLc1.
* ICE Brent January futures LCOc1 rose 29 cents to settle at $73.1 a barrel on Friday.
* WTI December crude CLc1 futures rose 23 cents to settle at $69.49 a barrel.
* The Brent/WTI spread WTCLc1-LCOc1 narrowed last to trade at minus $3.59, after hitting a high of minus $3.39 and a low of minus $3.63.
Reporting by Georgina McCartney in Houston; Editing by Richard Chang
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