Grades broadly rose on Friday, dealers said, as the WTI-Brent spread widened to its largest discount since the end of January, according to LSEG.

The spread between U.S. West Texas Intermediate and Brent crude futures widened to as much as minus $4.04 per barrel during the session, its widest since Jan. 31.

Minus $4 per barrel is typically considered the level that encourages U.S. exports, as traders see an open arbitrage route.

U.S. President Donald Trump signed an executive order in the Oval Office on Friday creating a new energy council to be led by Interior Secretary Doug Burgum, which will seek to expand U.S. output of oil and gas.

Light Louisiana Sweet (WTC-LLS) for March delivery rose 50 cents to a midpoint of a $3.70 premium and was seen bid and offered between a $3.50 and $3.90 a barrel premium to U.S. crude futures

Mars Sour (WTC-MRS) rose 45 cents to a midpoint of a $2.25 premium and was seen bid and offered between a $2.15 and $2.35 a barrel premium to U.S. crude futures

WTI Midland (WTC-WTM) was steady at a midpoint of a $1.20 premium and was seen bid and offered between a $1.10 and $1.30 a barrel premium to U.S. crude futures

West Texas Sour (WTC-WTS) fell 2 cents to a midpoint of a 78-cent premium and was seen bid and offered between a 65-cent and 90-cent a barrel premium to U.S. crude futures

WTI at East Houston (WTC-MEH), also known as MEH, traded between a $1.45 and $1.65 a barrel premium to U.S. crude futures

ICE Brent April futures fell 28 cents to settle at $74.74 a barrel

WTI March crude futures fell 55 cents to settle at $70.74 a barrel

The Brent/WTI spread (WTCLc1-LCOc1) widened 12 cents to to last trade at minus $4.00, after hitting a high of minus $3.86 and a low of minus $4.04
Source: Reuters