US Cash Crude-Grades fall on weakened refinery demand, narrow Brent-WTI spread
July 18 (Reuters) -Domestic U.S. crude grades fell on Thursday, dealers said, as refinery demand fell and the spread between global oil benchmark, Brent and WTI futures narrowed to its tightest point since October.
A narrower Brent-WTI spread discourages international purchases of U.S. grades, weighing on prices.
The Brent-WTI spread narrowed to as little as a $3.48 per barrel discount, discouraging international purchases of U.S. grades and weighing on prices.
Meanwhile, Exxon Mobil's XOM.N 251,800-barrel-per-day refinery in Joliet, Illinois, lost power during a tornado earlier this week and was still without power as of Thursday, a company spokesperson confirmed.
Industry monitor IIR told Reuters on Wednesday most of the refinery's units were expected to be down for a week with plans to restart over the upcoming weekend. The power outage took 16 units offline on Monday night, according to data from IIR.
* Light Louisiana Sweet WTC-LLS for August delivery fell 15 cents to a midpoint of a $2.25 premium and was seen bid and offered between a $2.00 and $2.50 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS fell 45 cents to a midpoint of a $1.75 discount and was seen bid and offered between a $1.85 and $1.65 a barrel discount to U.S. crude futures CLc1
* WTI Midland WTC-WTM fell 15 cents to a midpoint of a 45-cent premium and was seen bid and offered between a 35-cent and 55-cent a barrel premium to U.S. crude futures CLc1
* West Texas Sour WTC-WTS fell 15 cents to a midpoint of a 30-cent discount and was seen bid and offered between a 55-cent and 5-cent a barrel discount to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH, also known as MEH, traded between a 65-cent and 85-cent a barrel premium to U.S. crude futures CLc1
* ICE Brent September futures LCOc1 rose 3 cents to settle at $85.11 a barrel on Thursday .
* WTI August crude CLc1 futures fell 3 cents to settle at $82.82 a barrel on Thursday .
* The Brent/WTI spread WTCLc1-LCOc1 widened last to minus $3.64, after hitting a high of minus $3.48 and a low of minus $3.91.
Reporting by Georgina McCartney in Houston; Editing by Richard Chang
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