US Cash Crude-Grades mixed on lower U.S. rig count, returning Libyan production
Oct 4 (Reuters) -U.S. cash crude grades were mixed on Friday, as investors weighed a lower domestic rig count and a wider Brent/WTI spread against returning Libyan production.
The spread between global benchmark Brent and WTI crude futures widened to as much as $4.54 per barrel during the session, its largest discount since Aug. 30.
A discount above $4 per barrel typically encourages stronger transatlantic demand as traders take advantage of the arbitrage route, usually driving up U.S. prices.
U.S. energy firms this week cut the number of oil and natural gas rigs operating for a third week in a row, energy services firm Baker Hughes BKR.O said on Friday in its closely followed report.
The oil and gas rig count is an early indicator of future output.
Baker Hughes said oil rigs fell by 5 to 479 this week, their lowest since July 19.
Weighing on prices, Libya's eastern-based government and Tripoli-based National Oil Corp on Thursday said all oilfields and export terminals were being reopened after a dispute over leadership of the central bank was resolved.
* Light Louisiana Sweet WTC-LLS for November delivery gained 15 cents at a midpoint of a $2.45 premium and was seen bid and offered between a $2.20 and $2.70 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS fell 5 cents at a midpoint of a $1.15 discount and was seen bid and offered between a $1.25 and $1.05 a barrel discount to U.S. crude futures CLc1
* WTI Midland WTC-WTM was unchanged at a midpoint of a 60-cent premium and was seen bid and offered between a 50-cent and 70-cent a barrel premium to U.S. crude futures CLc1
* West Texas Sour WTC-WTS fell 42.5 cents at a midpoint of a 65-cent discount and was seen bid and offered between a $1.15 and 15-cent a barrel discount to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.40 and $1.60 a barrel premium to U.S. crude futures CLc1
* ICE Brent December futures LCOc1 rose 43 cents to settle at $78.05 a barrel on Friday.
* WTI November crude CLc1 futures rose 67 cents to settle at $74.38 a barrel.
* The Brent/WTI spread WTCLc1-LCOc1 narrowed last to minus $4.45, after hitting a high of minus $4.27 and a low of minus $4.54.
Reporting by Georgina McCartney in Houston; Editing by David Gregorio
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