US Cash Crude-Inland grades dip as players price in June midstream bottlenecks

US Physical Therapy

01/05/2024 22:10

May 1 (Reuters) - Inland grades of crude oil lost value
on Wednesday, dealers said, while coastal and offshore crudes
rose as players expected tightened takeaway capacity next month,
which will curtail flows from the Permian to the Gulf Coast. 
    WTI at East Houston  WTC-MEH , also known as MEH, traded
between a $2.05 and $2.25 a barrel premium to U.S. crude futures
 CLc1 . It equaled Monday's premium as the highest price for MEH
since mid-June.      
    The 642-mile Wink-to-Webster pipeline, operated by Exxon
Mobil  XOM.N , ships more than 1 million barrels per day (bpd)
of crude and condensate from the Permian Basin to the Gulf Coast
and has a 10-day scheduled maintenance period in June.
     Energy pipeline operator Enterprise Products Partners
 EPD.N  on Tuesday said it notified shippers of the downtime.   
    Meanwhile, U.S. crude oil and gasoline inventories rose
unexpectedly last week as refineries slowed down running rates,
the Energy Information Administration said on Wednesday.
    Crude inventories rose by 7.3 million barrels to 460.9
million barrels in the week ended April 26, the EIA said,
compared with analysts' expectations in a Reuters poll for a 1.1
million-barrel draw.
 
 *  Light Louisiana Sweet  WTC-LLS  for June delivery gained 45
cents at a midpoint of a $3.55 premium and was seen bid and
offered between a $3.10 and $4.00 a barrel premium to U.S. crude
futures  CLc1  ​ 
 *  Mars Sour  WTC-MRS  gained 10 cents at a midpoint of a
20-cent premium and was seen bid and offered between a 10-cent
and 30-cent a barrel premium to U.S. crude futures  CLc1  ​ 
 *  WTI Midland  WTC-WTM  fell 10 cents at a midpoint of a
80-cent premium and was seen bid and offered between a 70-cent
and 90-cent a barrel premium to U.S. crude futures  CLc1  ​ 
 *  West Texas Sour  WTC-WTS  fell 10 cents at a midpoint of a
70-cent discount and was seen bid and offered between a 80-cent
and 60-cent a barrel discount to U.S. crude futures  CLc1  ​ 
 * WTI at East Houston  WTC-MEH , also known as MEH, traded
between a $2.05 and $2.25 a barrel premium to U.S. crude futures
 CLc1  ​
 *  ICE Brent July futures  LCOc1  fell $2.89 to settle at
$83.44 a barrel on Wednesday. 
 *  WTI June crude  CLc1  futures fell $2.93 to settle at $79 a
barrel on Wednesday. 
 *  The Brent/WTI spread  WTCLc1-LCOc1  narrowed last to minus
$5.05, after hitting a high of minus $4.91 and a low of minus
$5.10.

 (Reporting by Georgina McCartney in Houston; Editing by Cynthia
Osterman)
 ((Georgina.McCartney@tr.com))