US cash crude grades ease as WTI/Brent discount narrows
USO•US cash crude grades were little changed as markets weighed supply risks; December WTI fell 78 cents to $102 a barrel and Brent fell 44 cents to $114.88. The Brent/WTI spread widened to minus $12.88.
1. Crude grades and futures
US cash crude grades were little changed on Thursday. Light Louisiana Sweet eased 5 cents to a $3.00-a-barrel premium, while Mars Sour eased 10 cents to a $1.90 premium and WTI Midland eased 5 cents to a 40-cent premium. West Texas Sour eased 15 cents to a $1.50 discount.
2. Supply risks and prices
Markets weighed global supply risks after Yemen's Houthis said they attacked Saudi Arabia's Ras Tanura and Rabigh refineries and an Aramco facility in Abqaiq; Saudi Arabia did not immediately confirm the statement. Saudi Arabia is expected to keep December official selling prices for crude bound for Asia at a six-year low, a survey showed. December WTI futures fell 78 cents to $102 a barrel and Brent futures fell 44 cents to $114.88; the Brent/WTI spread widened to minus $12.88.
3. Iran diplomacy
Vice President JD Vance reportedly sent a letter to Mohsen Rezaei seeking to revive peace negotiations. The US military's senior officer overseeing the Middle East reportedly met President Donald Trump to outline military options in Iran.
