US Cash Crude-Grades up as geopolitical tensions pose supply threat

US Physical Therapy

27/06/2024 21:22

June 27 (Reuters) - U.S. crude grades rose on Thursday,
dealers said, as the geopolitical risk premium as conflict
continues in the Middle East boosted values. 
    The Brent-WTI spread widened for the second day, if the
trend continues transatlantic demand could increase if European
traders see a profitable arbitrage route. 
    Yemen's Houthis targeted "vessel Seajoy" in the Red Sea with
a drone boat and a number of missiles and drones, the
Iran-aligned group's military spokesman Yahya Saree said on
Thursday.
    The Houthi militia has staged attacks on ships in the waters
off Yemen for months in solidarity with Palestinians fighting
Israel in Gaza, boosting oil prices on supply disruption
concerns.
    Cross-border strains between Israel and Lebanon's Hezbollah
have been escalating, fanning fears that a widening war could
draw in other countries including major oil producer Iran.
    
    
 * Light Louisiana Sweet  WTC-LLS  for August delivery gained 23
cents at a midpoint of a $2.83 premium and was seen bid and
offered between a $2.65 and $3.00 a barrel premium to U.S. crude
futures  CLc1 
 * Mars Sour  WTC-MRS  gained 20 cents at a midpoint of a $1
premium and was seen bid and offered between a 90-cent and $1.10
a barrel premium to U.S. crude futures  CLc1 
 * WTI Midland  WTC-WTM  gained 10 cents at a midpoint of a $1
premium and was seen bid and offered between a 90-cent and $1.10
a barrel premium to U.S. crude futures  CLc1 
 * West Texas Sour  WTC-WTS  gained 42 cents at a midpoint of a
57-cent premium and was seen bid and offered between a 25-cent
and 90-cent a barrel premium to U.S. crude futures  CLc1 
 * WTI at East Houston  WTC-MEH , also known as MEH, traded
between a $1.25 and $1.45 a barrel premium to U.S. crude futures
 CLc1 
 * ICE Brent August futures  LCOc1  rose $1.14 to settle at
$86.39 a barrel on Thursday.
 * WTI August crude  CLc1  futures rose 84 cents to settle at
$81.74 a barrel on Thursday.
 * The Brent/WTI spread  WTCLc1-LCOc1  widened last to minus
$4.35, after hitting a high of minus $4.34 and a low of minus
$4.71.

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