Saturday, 03 May 2025 | 16:17
SPONSORS
View by:

US Cash Crude-Grades rise as refinery demand to increase

Monday, 16 December 2024 | 01:00

Physically traded domestic crude grades rose on Friday, dealers said, on an uptick in expected future refinery demand.

U.S. oil refiners are expected to have about 25,000 barrels per day (bpd) of capacity offline in the week ending Dec. 13, raising available refining capacity by 64,000 bpd, research company IIR Energy said on Friday.

Offline capacity is expected to remain at 25,000 bpd in the week ending Dec. 20, and in the following week, IIR added.

Meanwhile, the domestic oil and gas rig count was steady on the week, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday.

The rig count, an early indicator of future output, was unchanged at 589 in the week to Dec. 13.

Light Louisiana Sweet for January delivery rose 12 cents to a midpoint of a $3.05 premium and was seen bid and offered between a $2.85 and $3.25 a barrel premium to U.S. crude futures CLc1

* Mars Sour WTC-MRS rose 5 cents to a midpoint of an 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 Midland WTC-WTM rose 5 cents to a midpoint of an 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

* West Texas Sour WTC-WTS rose 10 cents to a midpoint of a 15-cent premium and was seen bid and offered between a 5-cent discount and 35-cent a barrel premium to U.S. crude futures CLc1

WTI at East Houston, also known as MEH, traded between a $1.30 and $1.50 a barrel premium to U.S. crude futures CLc1

ICE Brent February futures rose $1.08 to settle at $74.49 a barrel on Friday

WTI January crude futures rose $1.27 to settle at $71.29 a barrel

The Brent/WTI spread narrowed 5 cents to last trade at minus $3.70, after hitting a high of minus $3.64 and a low of minus $3.79
Source: Reuters (Reporting by Georgina McCartney in Houston; Editing by Daniel Wallis)

Comments
    There are no comments available.
    Name:
    Email:
    Comment:
     
    In order to send the form you have to type the displayed code.

     
SPONSORS

NEWSLETTER