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$73.8 0.4  0.5%

Last Trade - 09/04/21

Large Cap
Market Cap £16.56bn
Enterprise Value £22.22bn
Revenue £3.40bn
Position in Universe 530th / 6827

U.S. Cash Crude-Grades little changed as refineries restart operations

Tue 2nd March, 2021 10:09pm
March 2 (Reuters) - U.S. domestic crude oil grades were
little changed on Tuesday even as more refineries were expected
to restart operations after frigid weather last month, traders
    Mars Sour  WTC-MRS  rose 5 cents to a midpoint of a 5-cent
premium, after having risen 45 cents on Monday. It had fallen to
more than 10-month lows on Friday as demand from refineries were
    Total SE  TOTF.PA  plans to begin restarting production
units at its 225,500 barrel-per-day (bpd) Port Arthur, Texas,
refinery by late this week, sources said.  urn:newsml:reuters.com:*:nL2N2L02UM
    The second-largest crude distillation unit (CDU) at Motiva
Enterprises'  MOTIV.UL  607,000-bpd Port Arthur, Texas, refinery
is operating at 80% of capacity on Tuesday, sources said. The
company is also preparing to restart the smallest CDU and the
small coker at the refinery.  urn:newsml:reuters.com:*:nL2N2L01VS
    At CERAWeek, the industry's largest conference, Raoul
LeBlanc, vice president of North American unconventionals at IHS
Markit, said capital discipline from shale producers in the
United States is likely to hold this year and through the next,
but it could be difficult for companies to resist the temptation
to grow production volumes beyond that.  urn:newsml:reuters.com:*:nL2N2L02CZ 
    Scott Sheffield, Pioneer Natural Resources Co  PXD.N  chief
executive officer, said at the conference that U.S. oil
production will likely see "very little growth" in the future
after remaining largely flat in 2021 at around 11 million
barrels a day. Occidental Petroleum  OXY.N  CEO Vicki Hollub
said U.S. shale production will not recover to levels seen
before the pandemic.  urn:newsml:reuters.com:*:nL2N2L01R3  urn:newsml:reuters.com:*:nL2N2L01IN
    The CEOs of Saudi Aramco  2222.SE  and Chevron Corp  CVX.N 
said global oil demand was recovering and could return to around
pre-pandemic levels next year. 
    * Light Louisiana Sweet  WTC-LLS  for April delivery fell 10
cents to a midpoint of a $2.35 premium and traded between a $2
and $2.70 a barrel premium to U.S. crude futures  CLc1 . 
    * Mars Sour  WTC-MRS  rose 5 cents to a midpoint of a 5-cent
premium and traded between a 10-cent discount and a 20-cent a
barrel premium to U.S. crude futures  CLc1 .    
    * WTI Midland  WTC-WTM  was unchanged at a midpoint of a
75-cent premium, trading between a 55-cent and a 95-cent a
barrel premium to U.S. crude futures  CLc1 .    
    * West Texas Sour  WTC-WTS  was unchanged at a midpoint of a
$1 discount, trading between a $1.50 and a 50-cent a barrel
discount to U.S. crude futures  CLc1 .    
    * WTI at East Houston, also known as MEH, traded between
$1.10 and $1.50 over WTI.     
    * ICE Brent May  LCOc1  futures fell 99 cents to settle at
$62.70 a barrel.
    * WTI April crude  CLc1  futures fell 89 cents to settle at
$59.75 a barrel.
    * The Brent/WTI spread  WTCLc1-LCOc1  widened 14 cents to
settle at minus $3.13, after hitting a high of minus $3.03 and a
low of minus $3.32.

 (Reporting by Arathy S Nair in Bengaluru; Editing by Sonya
 ((arathys.nair@thomsonreuters.com; +1 646 223 8780 (Extn 2726);
Twitter: https://twitter.com/ArathySom;))
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