U.S. coastal crude grades strengthened on Friday, dealers said, on the third and final day of the “roll” trade, a period in which the market becomes more volatile as traders square their positions.
The three-day roll trade begins after the front-month U.S. crude futures contract expires.
Light Louisiana Sweet (WTC-LLS) for May delivery strengthened 10 cents at a midpoint of a $1.75 premium, recovering after falling on Thursday to its weakest since December.
Mars Sour (WTC-MRS), another coastal grade, strengthened 25 cents at a midpoint of a $1.50 premium.
WTI Midland (WTC-WTM) weakened 35 cents at a midpoint of a 40-cent premium, its weakest since May 2024.
U.S. energy firms this week added two oil rigs to a total count of 483 this week, energy services firm Baker Hughes said on Friday.
U.S. oil refiners are expected to have about 1.62 million barrels per day of capacity offline in the week ending April 25, decreasing available refining capacity by 27,000 bpd, research company IIR Energy said on Friday.
Money managers raised their net long U.S. crude futures and options positions by 37,514 contracts to 113,884 in the week to April 22, the U.S. Commodity Futures Trading Commission said on Friday.
* Light Louisiana Sweet (WTC-LLS) for May delivery strengthened 10 cents at a midpoint of a $1.75 premium and was seen bid and offered between a $1.50 and $2.00 a barrel premium to U.S. crude futures
* Mars Sour (WTC-MRS) strengthened 25 cents at a midpoint of a $1.50 premium and was seen bid and offered between a $1.40 and $1.60 a barrel premium to U.S. crude futures
* WTI Midland (WTC-WTM) weakened 35 cents at a midpoint of a 40-cent premium and was seen bid and offered between a 30-cent and 50-cent a barrel premium to U.S. crude futures
* West Texas Sour (WTC-WTS) strengthened 35 cents at a midpoint of a 50-cent discount and was seen bid and offered between a discount of $1.00 and parity to U.S. crude futures
* WTI at East Houston (WTC-MEH), also known as MEH, traded between a 40-cent and 60-cent a barrel premium to U.S. crude futures
* ICE Brent June futures rose 32 cents to settle at $66.87 a barrel
* WTI June crude futures rose 23 cents to settle at $63.02 a barrel
* The /WTI spread (WTCLc1-LCOc1) widened to last trade at minus $3.80, after hitting a high of minus $3.71 and a low of minus $3.85.
Source: Reuters
