US Cash Crude-Grades mixed as energy firms cut oil rig count

Reuters
05-10
US Cash Crude-Grades mixed as energy firms cut oil rig count

May 9 (Reuters) - U.S. cash crude differentials were mixed on Friday, with Light Louisiana Sweet strengthening slightly, dealers said, as U.S. energy firms cut the number of oil rigs operating.

The oil rig count fell by five to 474 this week, their lowest since January, energy services firm Baker Hughes BKR.O said on Friday. The rig count is an indication of future supply.

Light Louisiana Sweet WTC-LLS for May delivery strengthened 5 cents at a midpoint of a $2.20 premium, while West Texas Sour WTC-WTS strengthened 5 cents at a midpoint of a 25-cent discount.

Mars Sour WTC-MRS weakened 5 cents at a midpoint of a $1.2 premium.

In refining, U.S. oil refiners are expected to have about 1.2 million barrels per day (bpd) of capacity offline in the week ending May 9, increasing available refining capacity by 429,000 bpd, research company IIR Energy said on Friday.

* Light Louisiana Sweet WTC-LLS for May delivery strengthened 5 cents at a midpoint of a $2.20 premium and was seen bid and offered between a $2.00 and $2.40 a barrel premium to U.S. crude futures CLc1

* Mars Sour WTC-MRS weakened 5 cents at a midpoint of a $1.2 premium and was seen bid and offered between a $1.10 and $1.3 a barrel premium to U.S. crude futures CLc1

* WTI Midland WTC-WTM was little changed at a midpoint of a 65-cent premium and was seen bid and offered between a 55-cent and 75-cent a barrel premium to U.S. crude futures CLc1

* West Texas Sour WTC-WTS strengthened 5 cents at a midpoint of a 25-cent discount and was seen bid and offered between discount of 50 cents and parity to U.S. crude futures CLc1

* WTI at East Houston WTC-MEH, also known as MEH, traded between a 70-cent and 90-cent a barrel premium to U.S. crude futures CLc1

* ICE Brent July futures LCOc1 rose $1.07 to settle at $63.91 a barrel

* WTI June crude CLc1 futures rose $1.11 to settle at $61.02 a barrel

* The Brent/WTI spread WTCLc1-LCOc1 narrowed to last trade at minus $3.33, after hitting a high of minus $3.28 and a low of minus $3.38

(Reporting by Stephanie Kelly in New York, editing by Deepa Babington)

((Stephanie.Kelly@tr.com))

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