US Cash Crude-Grades ease on worries of higher supply

US Physical Therapy

30/04/2024 22:31

April 30 (Reuters) - U.S. physical crude grades largely
eased on Tuesday on fears of increasing supply after U.S.
production rose and as industry data pointed to
higher-than-expected crude stocks.
    WTI at East Houston  WTC-MEH , also known as MEH, and Mars
eased 10 cents each. WTI Midland  WTC-WTM  was unchanged. 
    U.S. crude oil inventories rose by 4.91 million barrels in
the week ended April 26, according to market sources citing
American Petroleum Institute figures on Tuesday.
    They were expected to have fallen by about 1.1 million
barrels in the week to April 26, an extended Reuters poll showed
on Tuesday.
    U.S. crude production rose to 13.15 million barrels per day
(bpd) in February from 12.58 million bpd in January in its
biggest monthly increase since October 2021, the Energy
Information Administration said. Meanwhile, exports climbed to
4.66 million bpd from 4.05 million bpd in the same period.
    In refining news, Marathon Petroleum  MPC.N  plans to
operate its 13 refineries at 96% of their combined crude oil
processing capacity, the company said on Tuesday.
 
        
    *  Light Louisiana Sweet  WTC-LLS  for May delivery fell 20
cents at a midpoint of a $3.10 premium and was seen bid and
offered between a $2.90 and $3.30 a barrel premium to U.S. crude
futures  CLc1  ​ 
    *  Mars Sour  WTC-MRS  fell 10 cents at a midpoint of a
10-cent premium and was seen bid and offered between a discount
of 10 cents​​ and a 30-cent a barrel premium to U.S. crude
futures  CLc1  ​ 
    *  WTI Midland  WTC-WTM  was unchanged at a midpoint of a
90-cent premium and was seen bid and offered between a 70-cent
and $1.10 a barrel premium to U.S. crude futures  CLc1  ​ 
    *  West Texas Sour  WTC-WTS  fell 60 cents at a midpoint of
a 60-cent discount and was seen bid and offered between a
80-cent and 40-cent a barrel discount to U.S. crude futures
 CLc1  ​ 
    * WTI at East Houston  WTC-MEH , also known as MEH, traded
between a $1.80 and $2.30 a barrel premium to U.S. crude futures
 CLc1  ​ 
    *  ICE Brent June futures  LCOc1  fell 54 cents to settle at
$87.86 a barrel on Tuesday​. 
    *  WTI June crude  CLc1  futures fell 70 cents to settle at
$81.93 a barrel on Tuesday​. 
    *  The Brent/WTI spread  WTCLc1-LCOc1  narrowed 7 cents to
minus $5.70, after hitting a high of minus $5.70 and a low of
minus $5.80.

 (Reporting by Arathy Somasekhar in Houston; Editing by Jamie
Freed)
 ((Arathy.s@tr.com))