US Cash Crude-Grades steady as oil stocks draw more than expected
July 3 (Reuters) -U.S. coastal grades were little changed on Wednesday, dealers said, even as U.S. crude stocks fell by much more than expected last week on strong refining and export activity.
Mars Sour WTC-MRS and WTI at East Houston WTC-MEH, also known as MEH, fell 10 cents each. WTI Midland WTC-WTM was unchanged.
U.S. crude stocks fell by 12.2 million barrels to 448.5 million barrels in the week ending June 28, the EIA said, far exceeding the 680,000-barrel draw expected by analysts in a Reuters poll.
Meanwhile, U.S. crude shipments bound for Europe fell to a two-year low in June as European buyers bought cheaper regional and West African oil, traders and analysts told Reuters.
In refining news, a coker at Lyondell Basell Industries' LYB.N 263,776 barrel-per-day (bpd) Houston refinery was operating at a reduced production level following a fire on Tuesday, sources said.
* Light Louisiana Sweet WTC-LLS for August delivery fell 20 cents at a midpoint of a $2.60 premium and was seen bid and offered between a $2.40 and $2.80 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS fell 10 cents at a midpoint of a 50-cent premium and was seen bid and offered between a 30-cent and 70-cent a barrel premium to U.S. crude futures CLc1
* WTI Midland WTC-WTM was unchanged at a midpoint of a 80-cent premium and was seen bid and offered between a 60-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 parity and was seen bid and offered between a discount of 20 cents and 20-cent a barrel premium to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH, also known as MEH, traded between a 90-cent and $1.30 a barrel premium to U.S. crude futures CLc1
* ICE Brent September futures LCOc1 rose $1.1 to settle at $87.34 a barrel on Wednesday .
* WTI August crude CLc1 futures rose $1.07 to settle at $83.88 a barrel on Wednesday .
* The Brent/WTI spread WTCLc1-LCOc1 narrowed 4 cents to minus $4.33, after hitting a high of minus $4.26 and a low of minus $4.37.
Reporting by Arathy Somasekhar in Houston; Editing by David Gregorio
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.
