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US Cash Crude-Grades mixed as future output and demand set to rise

Monday, 21 October 2024 | 00:00

U.S. crude grades pulled in different directions on Friday, dealers said, after the domestic rig count edged up while refining demand is expected to tick higher.

The U.S. oil rig count, an early indicator of future output,rose by one to 482 this week, rising for a second week in a row, energy services firm Baker Hughes said.

U.S. oil refiners are expected to have about 1.01 million barrels per day of capacity offline in the week ending Oct. 18, raising available refining capacity by 77,000 bpd, research company IIR Energy said.

Offline capacity is expected to fall to 819,000 bpd in the week ending Oct. 25, and then fall to 599,000 bpd in the subsequent week, IIR added.

Light Louisiana Sweet for November delivery fell 2 cents at a midpoint of a $1.73 premium and was seen bid and offered between a $1.45 and $2.00 a barrel premium to U.S. crude futures CLc1

Mars Sour gained 22 cents at a midpoint of a $1.58 discount and was seen bid and offered between a $1.75 and $1.40 a barrel discount to U.S. crude futures CLc1

WTI Midland WTC-WTM was unchanged at a midpoint of a 65-cent premium and was seen bid and offered between a 40-cent and 90-cent a barrel premium to U.S. crude futures CLc1

West Texas Sour WTC-WTS was unchanged at a midpoint of a $1.10 discount and was seen bid and offered between a $1.20 and $1.00 a barrel discount to U.S. crude futures CLc1

WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.10 and $1.30 a barrel premium to U.S. crude futures CLc1

ICE Brent December futures LCOc1 fell $1.39 to settle at $73.06 a barrel

WTI November crude CLc1 futures fell $1.45 to settle at $69.22 a barrel.

The Brent/WTI spread WTCLc1-LCOc1 narrowed to last trade at minus $4.32, after hitting a high of minus $4.27 and a low of minus $4.37.
Source: Reuters (Reporting by Georgina McCartney in Houston, Editing by Marguerita Choy)

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