US Cash Crude-Grades mixed as Russian refining capacity down, US rig count up

US Physical Therapy

15/03/2024 20:37

March 15 (Reuters) - U.S. physical crude deals were
mixed on Friday, dealers said, as players responded to a dip in
Russian refining capacity and an uptick in oil rigs in the U.S. 
    Russian oil refining capacity shutdowns in the wake of
Ukrainian drone attacks in the first quarter amount to about 4.6
million metric tons (370,500 barrels per day), or some 7% of the
total, Reuters calculations show.
    Russia has said the country's crude oil exports are likely
to increase due to unplanned maintenance at refineries. But a
drop in refining capacity could also weigh on global road fuels
supply, lending support to prices. 
    Meanwhile, U.S. energy firms this week added the biggest
number of oil and natural gas rigs in a week since September,
with the oil rig count also rising to its highest in six months,
energy services firm Baker Hughes said in its closely followed
report on Friday.
    Oil rigs rose six to 510 this week and gas rigs rose one to
116, according to the report, which could weigh on prices in the
near future.
    
 *  Light Louisiana Sweet  WTC-LLS  for April delivery gained 5
cents at a midpoint of a $3.15 premium and was seen bid and
offered between a $3.00 and $3.30 a barrel premium to U.S. crude
futures  CLc1  
 *  Mars Sour  WTC-MRS  fell 10 cents at a midpoint of a 40-cent
discount and was seen bid and offered between a 50-cent and
30-cent a barrel discount to U.S. crude futures  CLc1  ​ 
 *  WTI Midland  WTC-WTM  gained 5 cents at a midpoint of a $1.5
premium and was seen bid and offered between a $1.40 and $1.60 a
barrel premium to U.S. crude futures  CLc1  ​ 
 *  West Texas Sour  WTC-WTS  fell 25 cents at a midpoint of a
60-cent premium and was seen bid and offered between a 50-cent
and 70-cent a barrel premium to U.S. crude futures  CLc1  ​ 
 *  WTI at East Houston  WTC-MEH , also known as MEH, traded
between a $1.65 and $1.85 a barrel premium to U.S. crude futures
 CLc1  ​ 
 *  ICE Brent May futures  LCOc1  fell 8 cents to settle at
$85.34 a barrel on Friday​. 
 *  WTI April crude  CLc1  futures fell 22 cents to settle at
$81.04 a barrel on Friday​. 
 *  The Brent/WTI spread  WTCLc1-LCOc1  widened last to minus
$4.68, after hitting a high of minus $4.59 and a low of minus
$4.76.

 (Reporting by Georgina McCartney in Houston; Editing by Nia
Williams)
 ((Georgina.McCartney@tr.com))