U.S. Cash Crude-Grades mostly firm as January trade gets underway

US Physical Therapy

28/11/2022 21:53

Nov 28 (Reuters) - U.S. physical crude oil grades mostly
strengthened on Monday in thin trade as January activity got off
to a slow start, dealers said. 
    WTI Midland crude firmed 35 cents to a midpoint of an
85-cent premium to U.S. crude futures.
    U.S. crude oil stockpiles were expected to have declined by
about 2.5 million barrels in the week to Nov. 25, while gasoline
and distillates inventories were seen rising, a preliminary
Reuters poll showed.
    Six analysts polled by Reuters estimated on average that
crude inventories dropped by about 2.5 million barrels in the
week to Nov. 25.
    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 Energy Information Administration, the
statistical arm of the U.S. Department of Energy, at 10:30 a.m.
on Wednesday.
    U.S. oil refiners are expected to have about 289,000 barrels
per day (bpd) of capacity offline for the week ending Dec. 2,
increasing available refining capacity by 30,000 bpd, research
company IIR Energy said.  urn:newsml:reuters.com:*:nL4N32O1HX
    Offline capacity is expected to fall to 243,000 bpd in the
week ending Dec. 09, IIR added.
    * Light Louisiana Sweet  WTC-LLS  for January delivery fell
15 cents to a midpoint of $1.75 and traded between a $1.65 and
$1.85 a barrel premium to U.S. crude futures  CLc1 .    
    * Mars Sour  WTC-MRS  was unchanged at a midpoint of minus
$5, trading between a $5.25 and $4.75 a barrel discount to U.S.
crude futures  CLc1 .    
    * WTI Midland  WTC-WTM  rose 35 cents to a midpoint of 85
cents and traded between a 75-cent and 95-cent a barrel premium
to U.S. crude futures  CLc1 .    
    * West Texas Sour  WTC-WTS  rose 35 cents to a midpoint of
minus $1.50 and traded between a $2 and $1 a barrel discount to
U.S. crude futures  CLc1 .    
    * WTI at East Houston, also known as MEH, traded from $1 to
$1.30 over WTI. 
    * ICE Brent January  LCOc1  futures fell 44 cents to settle
at $83.19 a barrel.
    * WTI January crude  CLc1  futures rose 96 cents to settle
at $77.24 a barrel.
    * The Brent/WTI spread  WTCLc1-LCOc1  widened $1.40 to
settle at minus $5.95, after hitting a high of minus $5.86 and a
low of minus $7.57.
 (Reporting by Laila Kearney; Editing by David Gregorio)
 ((Laila.kearney@thomsonreuters.com; (917) 809-0054))