US Cash Crude-Grades broadly fall on second full day of roll trade

US Physical Therapy

24/06/2024 21:53

June 24 (Reuters) - U.S. physical crude grades mostly
fell on Monday, dealers said, with Mars bucking the broader
downward trend on the second full day of the cash roll period,
when traders square their positions. 
   The roll trade period began on Thursday afternoon and will
continue for three full days. Trading tends to be more volatile
during the roll period.
    The Brent-WTI spread closed at its narrowest in nearly two
weeks, weighing on transatlantic demand for US crude-linked
grades as traders spot fewer arbitrage opportunities.   
    However, prices could receive a boost as U.S. oil refiners
are expected to have about 85,000 barrels per day (bpd) of
capacity offline in the week ending June 28, increasing
available refining capacity by 68,000 bpd, research company IIR
Energy said on Monday.
    Offline capacity is expected to fall to 79,000 bpd in the
week ending July 5, IIR added.

    
 * Light Louisiana Sweet  WTC-LLS  for July delivery fell 30
cents at a midpoint of a $2.50 premium and was seen bid and
offered between a $2.40 and $2.60 a barrel premium to U.S. crude
futures  CLc1 
 * Mars Sour  WTC-MRS  gained 10 cents at a midpoint of a
90-cent premium and was seen bid and offered between a 80-cent
and $1 a barrel premium to U.S. crude futures  CLc1 
 * WTI Midland  WTC-WTM  fell 15 cents at a midpoint of a
70-cent premium and was seen bid and offered between a 60-cent
and 80-cent a barrel premium to U.S. crude futures  CLc1 
 * West Texas Sour  WTC-WTS  fell 3 cents at a midpoint of a
52-cent premium and was seen bid and offered between a 45-cent
and 60-cent a barrel premium to U.S. crude futures  CLc1 
 * WTI at East Houston  WTC-MEH , also known as MEH, traded
between a 75-cent and $1.25 a barrel premium to U.S. crude
futures  CLc1 
 * ICE Brent August futures  LCOc1  rose 77 cents to settle at
$86.01 a barrel on Monday.
 * WTI August crude  CLc1  futures rose 90 cents to settle at
$81.63 a barrel on Monday.
 * The Brent/WTI spread  WTCLc1-LCOc1  narrowed last to minus
$4.51, after hitting a high of minus $4.35 and a low of minus
$4.56.

 (Reporting by Georgina McCartney in Houston; Editing by David
Gregorio)
 ((Georgina.McCartney@thomsonreuters.com))