US Cash Crude-Mars firms on first day of volatile cash roll trading period
Oct 23 (Reuters) -U.S. Mars crude strengthened more than $1 on Wednesday, dealers said, on the first day of the cash roll trading period.
Prices to roll U.S. crude oil positions from November to December traded at 40 cents a barrel, dealers said. Traders use the three-day roll period to square positions and manage exposure, resulting in more volatile trading.
U.S. crude inventories rose by 5.5 million barrels to 426 million barrels in the week ending Oct. 18, the EIA said, compared with analysts' expectations in a Reuters poll for a 270,000-barrel rise.
Crude stocks at the Cushing, Oklahoma, delivery hub fell by 346,000 barrels, the EIA said.
In refining news, Marathon Petroleum MPC.N began preparing on Wednesday to restart the hydrocracker and a reformer at its 631,000 barrel-per-day (bpd) Galveston Bay Refinery in Texas City, Texas, sources said.
* Light Louisiana Sweet WTC-LLS for November delivery was unchanged at 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 rose $1.05 to a midpoint of a 25-cent discount and was seen bid and offered between discount of 50 cents and parity 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 fell 10 cents to a midpoint of a $1.15 discount and was seen bid and offered between a $1.35 and 95-cent a barrel discount to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.00 and $1.60 a barrel premium to U.S. crude futures CLc1
* ICE Brent December futures LCOc1 fell $1.08 to settle at $74.96 a barrel on Wednesday.
* WTI December crude CLc1 futures fell 97 cents to settle at $70.77 a barrel on Wednesday.
* The Brent/WTI spread WTCLc1-LCOc1 narrowed 11 cents to last trade at minus $4.19, after hitting a high of minus $4.18 and a low of minus $4.33.
Reporting by Arathy Somasekhar in Houston; Editing by Richard Chang
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