US Cash Crude-Grades mixed as crude stocks fall, refinery demand up
08/05/2024 20:34
May 8 (Reuters) - Physically traded inland domestic
crude grades in the U.S. were mixed on Wednesday, dealers said,
as crude stocks fell and available refining capacity rose.
U.S. oil refiners are expected to have about 800,000 barrels
per day (bpd) of capacity offline in the week ending May 10,
increasing available refining capacity by 205,000 bpd, research
company IIR Energy said on Wednesday.
Offline capacity is expected to fall to 683,000 bpd in the
week ending May 17, IIR added.
U.S. crude oil stockpiles fell as refiners increased
production, while fuel inventories rose unexpectedly last week,
the Energy Information Administration (EIA) said on Wednesday.
Crude inventories fell by 1.4 million barrels to 459.5
million barrels in the week ending May 3, according to the EIA,
slightly more than analysts' expectations in a Reuters poll for
a 1.1 million-barrel draw.
Meanwhile, midstream constraints in Texas are set to
pressure volumes flowing south from the Permian Basin to the
Gulf Coast, weighing on inland grades.
Energy pipeline operator Enterprise Products Partners
EPD.N last month said it notified shippers of downtime for
about 10 days in June on the ExxonMobil XOM.N operated
Wink-to-Webster shale oil pipeline, which transports more than
one million barrels per day of crude oil and condensate from the
Permian to the coast.
* Light Louisiana Sweet WTC-LLS for June delivery was
unchanged at a midpoint of a $2.90 premium and was seen bid and
offered between a $2.80 and $3.00 a barrel premium to U.S. crude
futures CLc1
* Mars Sour WTC-MRS fell 45 cents at a midpoint of a 35-cent
premium and was seen bid and offered between a 25-cent and
45-cent a barrel premium to U.S. crude futures CLc1
* WTI Midland WTC-WTM was unchanged at a midpoint of a
65-cent premium and was seen bid and offered between a 55-cent
and 75-cent a barrel premium to U.S. crude futures CLc1
* West Texas Sour WTC-WTS fell 8 cents at a midpoint of a
68-cent discount and was seen bid and offered between a 85-cent
and 50-cent a barrel discount to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH , also known as MEH, traded
between a $1.55 and $1.75 a barrel premium to U.S. crude futures
CLc1
* ICE Brent July futures LCOc1 rose 42 cents to settle at
$83.58 a barrel.
* WTI June crude CLc1 futures rose 61 cents to settle at
$78.99 a barrel.
* The Brent/WTI spread WTCLc1-LCOc1 narrowed last to minus
$5.10, after hitting a high of minus $4.98 and a low of minus
$5.11.
(Reporting by Georgina McCartney in Houston;)
((Georgina.McCartney@tr.com))