Coastal grades Mars strengthened slightly on Friday, dealers said, as U.S. West Texas intermediate crude’s discount to Brent widened.

Mars Sour WTC-MRS gained 5 cents, while WTI Midland remained unchained.

WTI’s discount to Brent widened to as much as minus $4.79. A wider spread spurs purchase of US crude by foreign buyers.

Meanwhile, U.S. oil rigs fell 8 to 496 this week, their lowest since January 2022, while gas rigs rose 1 to 118.

Markets also continued to gauge the impact of Middle East tensions on supply.

In refining news, U.S. oil refiners are expected to have about 1.5 million barrels per day (bpd) of capacity offline for the week ending Nov. 3, increasing available refining capacity by 683,000 bpd, research company IIR Energy said.

Light Louisiana Sweet WTC-LLS for December delivery gained 8 cents to a midpoint of a $2.28 premium and was seen bid and offered between a $2.25 and $2.30 a barrel premium to U.S. crude futures CLc1

Mars Sour WTC-MRS gained 5 cents to a midpoint of a 65-cent discount and was seen bid and offered between a 75-cent and 55-cent a barrel discount to U.S. crude futures CLc1

WTI Midland WTC-WTM was unchanged at a midpoint of a 85-cent premium and was seen bid and offered between a 60-cent and $1.10 a barrel premium to U.S. crude futures CLc1

West Texas Sour WTC-WTS gained 10 cents to a midpoint of a 90-cent discount and was seen bid and offered between a $1.15 and 65-cent a barrel discount to U.S. crude futures CLc1

WTI at East Houston WTC-MEH, also known as MEH, traded between a 90-cent and $1.20 a barrel premium to U.S. crude futures CLc1

ICE Brent January futures LCOc1 fell $1.96 to settle at $84.89 a barrel on Friday.

WTI December crude CLc1 futures fell $1.95 to settle at $80.51 a barrel on Friday.

The Brent/WTI spread WTCLc1-LCOc1 narrowed 9 cents to minus $4.69, after hitting a high of minus $4.56 and a low of minus $4.79.
Source: Reuters ((Reporting by Arathy Somasekhar; Editing by David Gregorio)