US Cash Crude-Coastal grades rise before US tariffs on Canada, Mexico paused

Reuters
04 Feb
US Cash Crude-Coastal grades rise before US tariffs on Canada, Mexico paused

Feb 3 (Reuters) - Coastal grades rose on Monday, dealers said, as traders and investors snapped up barrels of medium and heavy crude after U.S. President Donald Trump announced tariffs on Canada and Mexico over the weekend.

After the major trading window on Monday, Trump paused the tariffs due to take effect on Tuesday for 30 days, the leaders of those countries said.

Mars Sour gained 55 cents to a premium of $2 a barrel to U.S. West Texas Intermediate crude, while Heavy Louisiana Sweet was bid and offered at a premium of between $3.25 and $3.75 to WTI, the highest in more than nine months at its midpoint.

In refining news, PBF Energy PBF.N said on Sunday its 156,400 barrel-per-day (bpd) Martinez, California refinery was shut down after a fire on Saturday.

* Light Louisiana Sweet WTC-LLS for March delivery strengthened 35 cents to a midpoint of a $3.40 premium and was seen bid and offered between a $3.20 and $3.60 a barrel premium to U.S. crude futures CLc1

* Mars Sour WTC-MRS gained 55 cents at a midpoint of a $2 premium and was seen bid and offered between a $1.80 and $2.20 a barrel premium to U.S. crude futures CLc1

* WTI Midland WTC-WTM eased 5 cents to a midpoint of a $1.05 premium and was seen bid and offered between a 90-cent and $1.20 a barrel premium to U.S. crude futures CLc1

* West Texas Sour WTC-WTS firmed 5 cents to a midpoint of a 75-cent premium and was seen bid and offered between a 60-cent and 90-cent a barrel premium to U.S. crude futures CLc1

* WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.40 and $1.70 a barrel premium to U.S. crude futures CLc1

* ICE Brent April futures LCOc1 rose 29 cents to settle at $75.96 a barrel on Monday.

* WTI March crude CLc1 futures remained unchanged at $73.16 a barrel on Monday.

* The Brent/WTI spread WTCLc1-LCOc1 widened 4 cents to last trade at minus $3.73, after hitting a high of minus $2.92 and a low of minus $3.75.

(Reporting by Arathy Somasekhar in Houston; Editing by Jamie Freed)

((Arathy.s@tr.com))

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