US Cash Crude-Grades up on lower rig count, growing refining demand
Nov 15 (Reuters) - U.S. cash crude prices rose on Friday, dealers said, as the oil rig count slipped and domestic refining demand rose.
The number of U.S. oil rigs operating, an early indicator of future output, fell by one this week to 478, its lowest since the week to July 19, energy services firm Baker Hughes BKR.O said.
In refining news, PBF Energy PBF.N began restarting the gasoline-producing fluidic catalytic cracker (FCC) at its 190,000 barrel-per-day (bpd) Chalmette, Louisiana refinery on Friday, said people familiar with plant operations. PBF expects to complete the restart by early next week.
U.S. oil refiners are expected to have about 595,000 bpd of capacity offline in the week ending Nov. 15, raising available refining capacity by 47,000 bpd, research company IIR Energy said.
Offline capacity is expected to fall to 291,000 bpd in the week ending Nov. 22 and further to 178,000 bpd in the subsequent week, IIR added.
* Light Louisiana Sweet WTC-LLS for December delivery rose 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 gained 5 cents at a midpoint of an 80-cent discount and was seen bid and offered between a 90-cent and 70-cent a barrel discount to U.S. crude futures CLc1
* WTI Midland WTC-WTM rose 10 cents at a midpoint of a 95-cent premium and was seen bid and offered between an 85-cent and $1.05 a barrel premium to U.S. crude futures CLc1
* West Texas Sour WTC-WTS rose 23 cents at a midpoint of a 30-cent discount and was seen bid and offered between a 40-cent and 20-cent a barrel discount to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.40 and $1.60 a barrel premium to U.S. crude futures CLc1
* ICE Brent January futures LCOc1 fell $1.52 to settle at $71.04 a barrel.
* WTI December crude CLc1 futures fell $1.68 to settle at $67.02 a barrel.
* The Brent/WTI spread WTCLc1-LCOc1 widened 12 cents to last trade at minus $4.15, after hitting a high of minus $3.95 and a low of minus $4.16.
Reporting by Georgina McCartney in Houston
Editing by Marguerita Choy
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.
