US Cash Crude-Grades mostly ease as production seen rising

US Physical Therapy

18/03/2024 20:16

March 18 (Reuters) - U.S. physical crude oil deals
mostly weakened on Monday, dealers said, as the country's output
was seen rising. 
    U.S. oil output from top shale-producing regions will rise
in April to the highest level in four months, the U.S. Energy
Information Administration  said in its monthly Drilling
Productivity Report.
    Production from the top seven basins will climb by more than
9,000 barrels per day (bpd) to 9.77 million bpd, the EIA
forecast. That would be the most since December 2023's record
output of 9.93 million bpd.
    U.S. crude and gasoline stockpiles likely fell last week,
while distillate inventories were expected to increase,
according to a preliminary Reuters poll.
    Four analysts polled by Reuters estimated that crude
inventories on average fell by about 10,000 barrels in the week
to March 15.

 *  Light Louisiana Sweet  WTC-LLS  for April delivery fell 25
cents at a midpoint of a $2.90 premium and was seen bid and
offered between a $2.80 and $3.00 a barrel premium to U.S. crude
futures  CLc1 .
 *  Mars Sour  WTC-MRS  gained 30 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 Midland  WTC-WTM  fell 10 cents at a midpoint of a $1.40
premium and was seen bid and offered between a $1.30 and $1.50 a
barrel premium to U.S. crude futures  CLc1  ​ 
 *  West Texas Sour  WTC-WTS  fell 10 cents at a midpoint of a
50-cent premium and was seen bid and offered between a 40-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 $1.60 and $1.80 a barrel premium to U.S. crude futures
 CLc1  ​ 
 *  ICE Brent May futures  LCOc1  rose $1.55 to settle at $86.89
a barrel on ​Monday. 
 *  WTI April crude  CLc1  futures rose $1.68 to settle at
$82.72 a barrel on Monday​. 
 *  The Brent/WTI spread  WTCLc1-LCOc1  widened 6 cents to minus
$4.76, after hitting a high of minus $4.66 and a low of minus
$4.75.

 (Reporting by Laila Kearney in New York; Editing by David
Gregorio)
 ((Laila.kearney@thomsonreuters.com))