US Cash Crude-Grades mixed as API shows fall in US crude stocks, fuels rise
Nov 26 (Reuters) -Domestic crude grades pulled in different directions on Tuesday, dealers said, after U.S. crude stocks fell while fuel inventories rose last week, according to data from the American Petroleum Institute.
Crude stocks fell by 5.94 million barrels in the week ended Nov. 22, sources said on condition of anonymity, citing API figures. Gasoline inventories rose by 1.81 million barrels, and distillate stocks rose by 2.54 million barrels, they said.
Meanwhile, OPEC+ nations are discussing a further delay to a planned oil output hike that was due to start in January, two sources from the producer group said on Tuesday, ahead of Sunday's meeting to decide policy for the early months of 2025.
President-elect Donald Trump's plan to impose 25% tariffs on Canadian and Mexican imports on his first day in office does not exempt crude oil from the trade penalties, two sources familiar with the plan told Reuters on Tuesday.
Israel and Lebanese armed group Hezbollah are set to implement a ceasefire on Wednesday as part of a U.S.-proposed deal for a 60-day truce to end more than a year of hostilities.
In refining news, Suncor Energy Inc SU.TO on Tuesday said it experienced an operational issue in a unit at its 85,000-barrel-per-day refinery in Sarnia, Ontario.
* Light Louisiana Sweet WTC-LLS for January delivery fell 97 cents at a midpoint of a $1.63 premium and was seen bid and offered between a $1.15 and $2.10 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS gained 10 cents at a midpoint of a 40-cent discount and was seen bid and offered between a 50-cent and 30-cent a barrel discount to U.S. crude futures CLc1
* WTI Midland WTC-WTM gained 5 cents at 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 fell $1.50 at a midpoint of a 90-cent discount and was seen bid and offered between a $1.00 and 80-cent a barrel discount to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.35 and $1.55 a barrel premium to U.S. crude futures CLc1
* ICE Brent January futures LCOc1 fell 20 cents to settle at $72.81 a barrel on Tuesday.
* WTI January crude CLc1 futures fell 17 cents to settle at $68.77 a barrel.
* The Brent/WTI spread WTCLc1-LCOc1 narrowed 4 cents to last trade at minus $4.03, after hitting a high of minus $4.00 and a low of minus $4.14.
Reporting by Georgina McCartney in Houston
Editing by Matthew Lewis
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
