US Cash Crude-Coastal grades up, inland grades down

US Physical Therapy

25/06/2024 22:31

June 25 (Reuters) - Physically traded domestic crude
grades were mixed on Tuesday, dealers said, as coastal grades
Light Louisiana Sweet and Mars rose, while inland grades WTI
Midland and West Texas Sour fell. 
    Meanwhile, the WTI-Brent spread  WTCLc1-LCOc1  narrowed to
as little as $4.15, its narrowest point in almost a month.  
    A wider spread between WTI and the global benchmark
typically drives European demand higher as traders spot
arbitrage opportunities to pull U.S. grades across the Atlantic.
    Also weighing on European demand, ExxonMobil  XOM.N  may
need to suspend production at its 236,000 barrel-per-day (bpd)
Gravenchon refinery in northern France if striking workers
continue to block access to the site, the oil major said.
    The refinery accounts for 20% of France's refining capacity,
the company's website showed. 
    The U.S. exported 98,000 bpd of crude in May to Le Havre,
the port nearby that serves the Gravenchon refinery, according
to data from ship tracker Kpler. 
    On the supply side, U.S. crude oil and gasoline inventories
rose last week while distillates fell, according to market
sources citing American Petroleum Institute figures.
    The API figures showed crude stocks were up by 914,000
barrels in the week ended June 21, the sources said, speaking on
condition of anonymity. Gasoline inventories rose by 3.843
million barrels, and distillates fell by 1.178 million barrels.
    

 * Light Louisiana Sweet  WTC-LLS  for July delivery rose 75
cents at a midpoint of a $3.25 premium and was seen bid and
offered between a $3 and $3.50 a barrel premium to U.S. crude
futures  CLc1  
 * Mars Sour  WTC-MRS  gained 50 cents at a midpoint of a $1.40
premium and was seen bid and offered between a $1.05 and $1.75 a
barrel premium to U.S. crude futures  CLc1 
 * WTI Midland  WTC-WTM  fell 15 cents at a midpoint of a
55-cent premium and was seen bid and offered between a 35-cent
and 75-cent a barrel premium to U.S. crude futures  CLc1 
 * West Texas Sour  WTC-WTS  fell 62.5 cents at a midpoint of a
10-cent discount and was seen bid and offered between a discount
of 20 cents and parity to U.S. crude futures  CLc1 
 * WTI at East Houston  WTC-MEH , also known as MEH, traded
between a 50-cent and 70-cent a barrel premium to U.S. crude
futures  CLc1 
 * ICE Brent August futures  LCOc1  fell $1 to settle at $85.01
a barrel.
 * WTI August crude  CLc1  futures fell 80 cents to settle at
$80.83 a barrel.
 * The Brent/WTI spread  WTCLc1-LCOc1  narrowed last to minus
$4.38, after hitting a high of minus $4.15 and a low of minus
$4.42.

 (Reporting by Georgina McCartney in Houston; Editing by Rod
Nickel)
 ((Georgina.McCartney@thomsonreuters.com))