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US Cash Crude- Grades firm as WTI/Brent spread widens to most since early July

Monday, 05 August 2024 | 00:00

Physically traded domestic U.S. crudes largely strengthened on Friday, dealers said, as the spread between U.S. West Texas Intermediate (WTI) crude and Brent widened to its most in nearly four weeks.

The WTI/Brent spread widened for a second straight day to as much as minus $4.33, its widest since July 8. A wider spread makes U.S. crude more attractive to foreign buyers.

WTI Midland gained 15 cents, while WTI at East Houston WTC-MEH, also known as MEH, strengthened 10 cents.

Light Louisiana Sweet WTC-LLS for September delivery gained 10 cents, while mars was unchanged.

Asia’s crude imports in July fell to their lowest in two years, sapped by weak demand in China and India, data from LSEG Oil Research showed.

Meanwhile, OPEC oil output rose in July, a Reuters survey found, as a rebound in Saudi Arabian supply and small increases elsewhere offset the impact of ongoing voluntary supply cuts by other members and the wider OPEC+ alliance.

An OPEC+ meeting on Thursday had left the group’s oil output policy unchanged, including a plan to start unwinding one layer of production cuts from October.

In refining news, Lyondell Basell LYB.N plans to operate its Houston refinery at 90% of its 263,776 barrel-per-day capacity during the third quarter of 2024, the company said on Friday.

* Light Louisiana Sweet WTC-LLS for September delivery gained 10 cents at a midpoint of a $1.90 premium and was seen bid and offered between a $1.70 and $2.10 a barrel premium to U.S. crude futures CLc1.

* Mars Sour WTC-MRS was unchanged at a midpoint of a 70-cent discount and was seen bid and offered between a 90-cent and 50-cent a barrel discount to U.S. crude futures CLc1.

* WTI Midland gained 15 cents at a midpoint of a 85-cent premium and was seen bid and offered between a 70-cent and $1.00 a barrel premium to U.S. crude futures CLc1.

* West Texas Sour gained 25 cents at a midpoint of a 15-cent premium and was seen bid and offered between parity and 30-cent a barrel premium to U.S. crude futures CLc1.

* WTI at East Houston, also known as MEH, traded between a $1.00 and $1.50 a barrel premium to U.S. crude futures CLc1.

* ICE Brent October futures fell $2.71 to settle at $76.81 a barrel on Friday.

* WTI September crude futures fell $2.79 to settle at $73.52 a barrel on Friday.

* The Brent/WTI spread widened 5 cents to minus $4.17, after hitting a high of minus $4.10 and a low of minus $4.33.
Source: Reuters (Reporting by Arathy Somasekhar in Houston; Editing by Will Dunham)

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