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US Cash Crude-Grades mixed on last day of roll trade

Monday, 28 October 2024 | 01:00

U.S. crude grades were mixed on Friday, dealers said, on the last day of the volatile roll trading period.

Prices to roll U.S. crude oil positions from November to December traded at 30 cents a barrel, dealers said, up from 25 cents a barrel on Thursday.

Traders use the three-day roll period to square positions and manage exposure, resulting in more volatile trading.

The number of oil rigs, an indicator of future supply, fell by two, energy services firm Baker Hughes BKR.O said in its closely followed report.

Goldman Sachs on Thursday left its oil price forecasts unchanged at between $70 and $85 a barrel for Brent in 2025, expecting the impact from any Chinese stimulus to be modest relative to bigger drivers such as Middle East oil supply.

Bank of America forecast Brent crude to average $75 a barrel in 2025 without any rolling back of OPEC+ production cuts into next year, it said in a note.

Light Louisiana Sweet WTC-LLS for November delivery rose10 cents to a midpoint of a $1.50 premium and was seen bid and offered between a $1.25 and $1.75 a barrel premium to U.S. crude futures CLc1

Mars Sour WTC-MRS weakened 70 cents to a midpoint of a 90 cent discount and was seen bid and offered between a $1.10 and 70 -cent a barrel discount to U.S. crude futures CLc1

WTI Midland WTC-WTM firmed 25 cents to a midpoint of a $1.25 premium and was seen bid and offered between a $1 and $1.50 a barrel premium to U.S. crude futures CLc1

West Texas Sour WTC-WTS was unchanged at a midpoint of a parity and was seen bid and offered between a discount of 1 cent and 1-cent a barrel premium to U.S. crude futures CLc1

WTI at East Houston WTC-MEH, also known as MEH, traded between a $1 and $1.50 a barrel premium to U.S. crude futures CLc1

ICE Brent December futures LCOc1 rose $1.67 to settle at $76.05 a barrel

WTI December crude CLc1 futures rose $1.59 to settle at $71.78 a barrel

The Brent/WTI spread WTCLc1-LCOc1 widened 8 cents to last trade at minus $4.27, after hitting a high of minus $4.15 and a low of minus $4.28.
Source: Reuters (Reporting by Arathy Somasekhar in Houston, Editing by Marguerita Choy)

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