US Cash Crude-Grades up as Houthis threaten attacks around Cape of Good Hope

US Physical Therapy

14/03/2024 21:20

March 14 (Reuters) - U.S. physical crude grades gained
value on Thursday, dealers said, as escalating tensions in the
Middle East threatened supply and lent support to prices. 
    The leader of Yemen's Iran-backed Houthis said in a
televised speech on Thursday that Houthis' operations targeting
vessels will prevent Israel-linked ships from even passing
through the Indian Ocean towards the Cape of Good Hope.
    Some oil tankers have been diverting around the Horn of
Africa to avoid the Gulf of Aden since the group stepped up
attacks in November, with companies already incurring higher
freight rates and longer journey times. 
    If this journey also becomes problematic, domestic U.S.
prices could rise if a supply bottleneck pressures flows from
east of Suez. 
    

 *  Light Louisiana Sweet  WTC-LLS  for April delivery gained 30
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  gained 5 cents at a midpoint of a
30-cent discount and was seen bid and offered between a 40-cent
and 20-cent a barrel discount to U.S. crude futures  CLc1  ​ 
 *  WTI Midland  WTC-WTM  gained 5 cents at a midpoint of a
$1.45 premium and was seen bid and offered between a $1.35 and
$1.55 a barrel premium to U.S. crude futures  CLc1  ​ 
 *  West Texas Sour  WTC-WTS  gained 45 cents at a midpoint of a
85-cent premium and was seen bid and offered between a 75-cent
and 95-cent a barrel premium to U.S. crude futures  CLc1  ​ 
 * WTI at East Houston  WTC-MEH , also known as MEH, traded
between a $1.70 and $1.90 a barrel premium to U.S. crude futures
 CLc1  ​
 *  ICE Brent May futures  LCOc1  rose $1.39 to settle at $85.42
a barrel 
 *  WTI April crude  CLc1  futures rose $1.54 to settle at
$81.26 a barrel 
 *  The Brent/WTI spread  WTCLc1-LCOc1  narrowed last to minus
$4.73, after hitting a high of minus $4.61 and a low of minus
$4.78.

 (Reporting by Georgina McCartney in Houston
Editing by Marguerita Choy)
 ((Georgina.McCartney@tr.com))