US Cash Crude-Grades little changed as oil rig counts hold steady
Nov 8 (Reuters) -Price differential for U.S. crude grades were little changed on Friday, dealers said, as oil rig count, an indicator of future production, held steady.
WTI Midland WTC-WTM rose 5 cents, while Mars Sour WTC-MRS eased 5 cents.
Energy services firm Baker Hughes said oil rigs held at 479 this week.
Meanwhile, over 23% of crude oil production in the U.S. Gulf of Mexico was shut in by Hurricane Rafael, the U.S. Bureau of Safety and Environmental Enforcement said on Friday.
The late season storm overall will reduce U.S. offshore production by about 2 million barrels of oil and 1.1 billion cubic feet of natural gas, estimates researcher Earth Science Associates.
Meanwhile, President Joe Biden's administration said on Friday it has bought its last batch of oil for the Strategic Petroleum Reserve after selling a record amount from the facility in 2022 to counter fuel prices that had risen after Russia's invasion of Ukraine.
The WTI/Brent spread WTCLc1-LCOc1 widened 15 cents, but still traded in a narrow range. A narrower spread makes U.S. crudes less attractive to foreign buyers.
* Light Louisiana Sweet WTC-LLS for December delivery was unchanged at a midpoint of a $1.90 premium and was seen bid and offered between a $1.80 and $2.00 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS eased 5 cents to a midpoint of a $1.1 discount and was seen bid and offered between a $1.30 and 90-cent a barrel discount to U.S. crude futures CLc1
* WTI Midland WTC-WTM rose 5 cents to a midpoint of a 75-cent premium and was seen bid and offered between a 50-cent and $1.00 a barrel premium to U.S. crude futures CLc1
* West Texas Sour WTC-WTS eased 5 cents to a midpoint of a 75-cent discount and was seen bid and offered between a $1.05 and 45-cent a barrel discount to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.15 and $1.45 a barrel premium to U.S. crude futures CLc1
* ICE Brent January futures LCOc1 fell $1.76 to settle at $73.87 a barrel on Friday .
* WTI December crude CLc1 futures fell $1.98 to settle at $70.38 a barrel on Friday .
* The Brent/WTI spread WTCLc1-LCOc1 widened 15 cents to last trade at minus $3.82, after hitting a high of minus $3.71 and a low of minus $3.84.
Reporting by Arathy Somasekhar in Houston; Editing by David Gregorio
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