U.S. Cash Crude-Grades broadly strengthen even as inventories seen growing

US Physical Therapy

13/02/2023 21:41

Feb 13 (Reuters) - U.S. physical crude oil grades
strengthened on Monday despite expected growth in inventories
and production, dealers said.
    WTI Midland crude firmed 20 cents to a midpoint of a $2.45
premium to U.S. crude futures, its strongest since September
last year. 
    U.S. crude oil from the seven biggest shale basins is
expected to rise to record highs in March, the U.S. Energy
Information Administration (EIA) said in its monthly Drilling
Productivity Report.  urn:newsml:reuters.com:*:nL1N34T20I
    Output in the Permian basin in Texas and New Mexico, the
biggest U.S. shale oil basin, is expected to rise by about
30,000 bpd in March to a record 5.68 million bpd, EIA said.
    U.S. crude oil and product stockpiles likely increased by
about 300,000 barrels last week, a preliminary Reuters poll
showed.  urn:newsml:reuters.com:*:nL4N34T3RZ
    The poll was conducted ahead of reports from the American
Petroleum Institute, an industry group, due at 4:30 p.m. ET on
Tuesday, and the EIA, due at 10:30 a.m. on Wednesday.
    U.S. oil refiners are expected to have about 1,852,000
barrels per day (bpd) of capacity offline for the week ending
Feb. 17, decreasing available refining capacity by 162,000 bpd,
research company IIR Energy said.  urn:newsml:reuters.com:*:nL4N34T1FA
    Offline capacity is expected to rise to 1,856,000 bpd in the
week ending Feb. 24, IIR added.
    * Light Louisiana Sweet  WTC-LLS  for March delivery rose 5
cents to a midpoint of a $3.80 premium and traded between a
$3.70 and $3.90 a barrel premium to U.S. crude futures  CLc1 .  
 
    * Mars Sour  WTC-MRS  rose 50 cents to a midpoint of a $1.25
discount and traded between a $1.50 and $1 a barrel discount to
U.S. crude futures  CLc1 .    
    * WTI Midland  WTC-WTM  rose 20 cents to a midpoint of a
$2.45 premium and traded between a $2.35 and $2.55 a barrel
premium to U.S. crude futures  CLc1 .    
    * West Texas Sour  WTC-WTS  rose 10 cents to a midpoint of
an 85-cent discount and traded between a 75-cent and 95-cent a
barrel discount to U.S. crude futures  CLc1 .    
    * WTI at East Houston, also known as MEH, traded from $2.50
to $2.70 over WTI. 
    * ICE Brent April  LCOc1  futures fell 22 cents to settle at
$86.61 a barrel.
    * WTI March crude  CLc1  futures fell 42 cents to settle at
$80.14 a barrel.
    * The Brent/WTI spread  WTCLc1-LCOc1  narrowed 19 cents to
settle at minus $6.28, after hitting a high of minus $6.15 and a
low of minus $6.48.
 (Reporting by Laila Kearney)
 ((Laila.kearney@thomsonreuters.com))