U.S. cash crude grades were little changed on Friday, dealers said, ahead of OPEC’s meeting to set June output policy.
WTI Midland (WTC-WTM) was unchanged, while WTI at East Houston (WTC-MEH), also known as MEH, and Mars gained 5 cents each.
Eight countries of OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, will meet on Saturday to decide whether to agree a further accelerated oil output hike for June or make a smaller increase as originally planned, two sources with knowledge of the matter told Reuters.
Meanwhile, U.S. drillers cut the number of oil rigs operating for the first time in three weeks, data from oilfield services provider Baker Hughes showed. The oil rig count, an early indicator of future output, fell by four to 479 this week.
In refining news, U.S. oil refiners are expected to have about 1.32 million barrels per day (bpd) of capacity offline in the week ending May 2, increasing available refining capacity by 304,000 bpd, research company IIR Energy said on Friday.
Light Louisiana Sweet for May delivery eased 20 cents to a midpoint of a $2.25 premium and was seen bid and offered between a $2.10 and $2.40 a barrel premium to U.S. crude futures.
Mars Sour strengthened 25 cents to a midpoint of a $1.4 premium and was seen bid and offered between a $1.20 and $1.6 a barrel premium to U.S. crude futures.
WTI Midland was unchanged at a midpoint of a 70-cent premium and was seen bid and offered between a 50-cent and 90-cent a barrel premium to U.S. crude futures.
West Texas Sour eased 5 cents to a midpoint of a 20-cent discount and was seen bid and offered between a discount of 50 cents and 10-cent a barrel premium to U.S. crude futures.
WTI at East Houston, also known as MEH, traded between a 70-cent and $1.00 a barrel premium to U.S. crude futures.
ICE Brent July futures fell 84 cents to settle at $61.29 a barrel on Friday.
WTI June crude futures fell 95 cents to settle at $58.29 a barrel on Friday
The Brent/WTI spread widened 3 cents to last trade at minus $3.48, after hitting a high of minus $3.41 and a low of minus $3.52.
Source: Reuters