U.S. crude prices were mixed on Friday as the spread between West Texas Intermediate crude’s discount to Brent crude hit its widest since November, encouraging export demand, dealers said.

The WTI-Brent spread hit $4.32 a barrel, according to LSEG data. A discount of $4 is typically considered the level that encourages U.S. exports, as traders see an open arbitrage route.

Meanwhile, the number of active U.S. oil rigs fell by two to 484 this week, Baker Hughes said. In the Permian basin in West Texas and eastern New Mexico, the nation’s biggest oilfield, the rig count declined by three to 297, the lowest since February 2022.

Light Louisiana Sweet for May delivery fell 15 cents to a midpoint of a $3.00 premium and was seen bid and offered between a $2.90 and $3.10 a barrel premium to U.S. crude futures.

Mars Sour fell 20 cents to a midpoint of a 90-cent premium and was seen bid and offered between a 80-cent and $1 a barrel premium to U.S. crude futures.

WTI Midland rose 5 cents to a midpoint of a $1.05 premium and was seen bid and offered between a 95-cent and $1.15 a barrel premium to U.S. crude futures.

West Texas Sour was steady at a midpoint of a 15-cent premium and was seen bid and offered between a 5-cent and 25-cent a barrel premium to U.S. crude futures.

WTI at East Houston, also known as MEH, traded between a $1.25 and $1.45 a barrel premium to U.S. crude futures.

ICE Brent May futures fell 40 cents to settle at $73.63 a barrel.

WTI May crude futures fell 56 cents to settle at $69.36 a barrel.

The Brent/WTI spread widened 19 cents to last trade at minus $4.30, after hitting a high of minus $4.06 and a low of minus $4.32.
Source: Reuters