US Cash Crude-Grades mixed after API shows drop in crude oil stocks, build in fuel inventories
Nov 13 (Reuters) -Physically traded domestic crude grades pulled in different directions on Wednesday, dealers said, as API data showed a mixed oil stocks outlook while refining demand was set to grow.
U.S. crude oil stocks fell while fuel inventories rose last week, market sources said, citing American Petroleum Institute figures on Wednesday.
Crude stocks fell by 777,000 barrels in the week ended Nov. 8, the sources said on condition of anonymity. Gasoline inventories rose by 312,000 barrels, and distillate stocks rose by 1.14 million barrels, they said.
On the demand side, U.S. oil refiners are expected to have about 563,000 barrels per day of capacity offline in the week ending Nov. 15, raising available refining capacity by 79,000 bpd, research company IIR Energy said on Wednesday.
Offline capacity is expected to fall to 216,000 bpd in the week ending Nov. 22, IIR added.
Both U.S. and global oil production are set to rise to slightly larger record highs this year than prior forecasts, the U.S. Energy Information Administration said on Wednesday.
And President-elect Donald Trump's Republican Party will control both houses of Congress when he takes office in January, enabling him to push an agenda of slashing taxes and shrinking the federal government.
The change in administration will likely bring more price volatility in crude markets in the U.S., shale producer DevonEnergy's DVN.N chief executive officer told attendees at an energy conference in Dallas on Wednesday.
* Light Louisiana Sweet WTC-LLS for December delivery gained 10 cents at a midpoint of a $1.90 premium and was seen bid and offered between a $1.80 and $2.00 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS eased 20 cents at a midpoint of a 75-cent discount and was seen bid and offered between a 85-cent and 65-cent a barrel discount to U.S. crude futures CLc1
* WTI Midland WTC-WTM rose 5 cents at a midpoint of a 90-cent premium and was seen bid and offered between a 80-cent and $1.00 a barrel premium to U.S. crude futures CLc1
* West Texas Sour WTC-WTS fell 20 cents at a midpoint of a 60-cent discount and was seen bid and offered between a $1.10 and 10-cent a barrel discount to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.30 and $1.50 a barrel premium to U.S. crude futures CLc1
* ICE Brent January futures LCOc1 rose 39 cents to settle at $72.28 a barrel on Wednesday.
* WTI December crude CLc1 futures rose 31 cents to settle at $68.43 a barrel.
* The Brent/WTI spread WTCLc1-LCOc1 widened 10 cents to last trade at minus $4.02, after hitting a high of minus $3.88 and a low of minus $4.03.
Reporting by Georgina McCartney in Houston; Editing by Richard Chang
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