US Cash Crude-Grades steady ahead of OPEC meeting

Reuters
Yesterday
US Cash Crude-Grades steady ahead of OPEC meeting

May 2 (Reuters) - U.S. cash crude grades were little changed on Friday, dealers said, ahead of OPEC's meeting to set June output policy.

WTI Midland WTC-WTM was unchanged, while WTI at East Houston WTC-MEH, also known as MEH, and Mars gained 5 cents each.

Eight countries of OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, will meet on Saturday to decide whether to agree a further accelerated oil output hike for June or make a smaller increase as originally planned, two sources with knowledge of the matter told Reuters.

Meanwhile, U.S. drillers cut the number of oil rigs operating for the first time in three weeks, data from oilfield services provider Baker Hughes showed. The oil rig count, an early indicator of future output, fell by four to 479 this week.

In refining news, U.S. oil refiners are expected to have about 1.32 million barrels per day (bpd) of capacity offline in the week ending May 2, increasing available refining capacity by 304,000 bpd, research company IIR Energy said on Friday.

* Light Louisiana Sweet WTC-LLS for May delivery eased 20 cents to a midpoint of a $2.25 premium and was seen bid and offered between a $2.10 and $2.40 a barrel premium to U.S. crude futures CLc1

* Mars Sour WTC-MRS strengthened 25 cents to a midpoint of a $1.4 premium and was seen bid and offered between a $1.20 and $1.6 a barrel premium to U.S. crude futures CLc1

* WTI Midland WTC-WTM was unchanged at a midpoint of a 70-cent premium and was seen bid and offered between a 50-cent and 90-cent a barrel premium to U.S. crude futures CLc1

* West Texas Sour WTC-WTS eased 5 cents to a midpoint of a 20-cent discount and was seen bid and offered between a discount of 50 cents and 10-cent a barrel premium to U.S. crude futures CLc1

* WTI at East Houston WTC-MEH, also known as MEH, traded between a 70-cent and $1.00 a barrel premium to U.S. crude futures CLc1

* ICE Brent July futures LCOc1 fell 84 cents to settle at $61.29 a barrel on Friday

* WTI June crude CLc1 futures fell 95 cents to settle at $58.29 a barrel on Friday

* The Brent/WTI spread WTCLc1-LCOc1 widened 3 cents to last trade at minus $3.48, after hitting a high of minus $3.41 and a low of minus $3.52.

(Reporting by Arathy Somasekhar in Houston; Editing by David Gregorio)

((Arathy.s@tr.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10