US Cash Crude-Grades ease as US President Trump holds off on a fresh Iran attack

Baker Hughes

03/08/2026 22:20

HOUSTON, Aug 3 (Reuters) - U.S. coastal crude grades eased on Monday on hopes of increased global oil supplies after U.S. President Donald Trump held off on a fresh attack on Iran.
Trump said on Monday that talks with Iran were underway, warning that it was a "last chance" for Tehran to sign a good deal to end the five-month-old war, but Iran denied that any negotiations were being held or planned.
Six Saudi-flagged supertankers have changed course in the Gulf of Aden in recent days and are heading to southern Africa following threats by Yemen’s Houthi movement to target Saudi shipping, tracking data showed on Monday. Two tankers laden with Saudi oil crossed the Bab el-Mandeb strait over the weekend, shipping data showed.
U.S. West Texas Intermediate crude's discount to global benchmark Brent narrowed through the session to last trade at minus $5.87. A smaller WTI discount Brent makes it less economic for companies to ship oil abroad and hurts buying by foreign companies.   
On the U.S. supply side, stocks of crude oil in the Strategic Petroleum Reserve fell by about 2.85 million barrels to 304.8 million barrels last week, the lowest level since February 1983, according to data from the Department of Energy. The drawdowns are part of a U.S. agreement to release 172 million barrels from the facility.
In refining news, Motiva Enterprises plans to begin the restart of the gasoline-producing fluidic catalytic cracking unit (FCCU) at its 656,400-barrel-per-day Port Arthur, Texas, refinery on Wednesday after completing repairs, people familiar with plant operations said.
U.S. oil refiners are expected to have about 103,000 barrels per day (bpd) of capacity offline for the week ending August 7, increasing available refining capacity by 85,000 bpd, research company IIR Energy said.
     
Light Louisiana Sweet for September delivery eased 15 cents to a midpoint of a $1.70 premium and was seen bid and offered between a $1.50 and $1.90 a barrel premium to U.S. crude futures CLc1      ​ 
Mars Sour eased $1.10 to a midpoint of a $2.1 discount and was seen bid and offered between  a $2.30 and $1.90 a barrel discount to U.S. crude futures CLc1     ​  
WTI Midland was unchanged at a midpoint of a 60-cent premium and was seen bid and offered between a 40-cent and 80-cent a barrel premium to U.S. crude futures CLc1      ​  
West Texas Sour firmed 25 cents at a midpoint of a $1.4 discount and was seen bid and offered between  a $1.60 and $1.20 a barrel discount to U.S. crude futures CLc1     ​
WTI at East Houston , also known as MEH, traded between a 65-cent and $1.05 a barrel premium to U.S. crude futures CLc1
ICE Brent October futures LCOc1 fell $4.16 to settle at $83.77 a barrel on Monday​. 
WTI September crude CLc1 futures fell $4.33 to settle at $80.34 a barrel on Monday​.
The Brent/WTI spread narrowed to last trade at minus $5.87, after hitting a high of minus $5.22 and a low of  minus $6.71.

 (Reporting by Arathy Somasekhar in Houston; Editing by Daniel Wallis)
 ((arathy.s@thomsonreuters.com))