US Cash Crude-Cash crude differentials mixed in active trading

US Physical Therapy

16/05/2024 22:13

May 16 (Reuters) - U.S. physical crude grades were mixed
in active trading on Thursday, according to market participants,
as concerns about impacts on oil markets from Canadian wildfires
eased. 
    Lighter crude grades on the Gulf Coast and inland both
softened, while Mars Sour rose during the session.  
    Softer prices came as an overnight rain helped stall a large
wildfire near the Canadian oil sands city of Fort McMurray,
Alberta. Wet weather on Thursday is expected to further help
containment efforts. 
    Over half of Canada's oil sands production could be impacted
if fires in Alberta and British Columbia worsen, Rystad Energy
said on Thursday. The oil sands produce roughly 3.3 million
barrels per day of oil, roughly two-thirds of Canada's output. 

 *  Light Louisiana Sweet  WTC-LLS  for June delivery fell 17
cents to a $2.33 premium over West Texas Intermediate crude, and
was seen bid and offered between $2.15 and $2.50 over U.S. crude
futures  CLc1 .  ​ 
 *  Mars Sour  WTC-MRS  gained 20 cents at a midpoint of a
65-cent premium versus WTI. It was bid and offered between a
55-cent and 75-cent a barrel premium to U.S. crude futures
 CLc1 . ​ 
 *  WTI Midland  WTC-WTM  fell 15 cents at a midpoint of a
45-cent premium versus WTI. It was bid and offered between a
35-cent and 55-cent a barrel premium to U.S. crude futures
 CLc1 . ​ 
 *  West Texas Sour  WTC-WTS  fell 28 cents at a midpoint of a
68-cent discount to U.S. crude futures. It was bid at a $1.50 a
barrel discount to WTI Midland.
 * WTI at East Houston  WTC-MEH , also known as MEH, traded
between a $1.05 and $1.25 a barrel premium to U.S. crude futures
 CLc1  ​ 
 *  ICE Brent July futures  LCOc1  rose 52 cents to settle at
$83.27 a barrel on Thursday​. 
 *  WTI June crude  CLc1  futures rose 60 cents to settle at
$79.23 a barrel on Thursday​. 
 *  The Brent/WTI spread  WTCLc1-LCOc1  narrowed to minus $4.59,
after hitting a high of minus $4.44 and a low of minus $4.61.

 (Reporting by Liz Hampton in Denver; Editing by Bill Berkrot)
 ((Georgina.McCartney@tr.com))