US Cash Crude-Grades mixed as domestic rig count rises

Reuters04-03 05:55
US Cash Crude-Grades mixed as domestic rig count rises

HOUSTON, April 2 (Reuters) - Grades were mixed on Thursday dealers said, as the domestic rig count rose while supply disruptions in the Middle East were expected to worsen in the coming weeks.

Oil rigs in the U.S. rose by two to 411 this week, energy service company Baker Hughes said on Thursday, a future indicator of a rise in supplies.

U.S. President Donald Trump said in a televised speech on Wednesday night that the U.S. military had nearly completed the goals it had set out to accomplish in its war on Iran and the conflict would soon be ending, though adding the U.S. would continue to hit targets in the Islamic Republic over the next two to three weeks.

The U.S.-Israeli war on Iran, nearing the end of its fifth week, has removed millions of barrels per day of oil from the global market, driving energy prices to multi-year highs and causing fuel shortages in countries reliant on oil and gas delivered from the now-blocked Strait of Hormuz.

  • Light Louisiana Sweet for May delivery fell $3.05 to a midpoint of a $4.45 premium and was seen bid and offered between a $4.35 and $4.55 a barrel premium to U.S. crude futures CLc1 ​

  • Mars Sour fell $2.50 to a midpoint of a $15 premium and was seen bid and offered between a $14.90 and $15.10 a barrel premium to U.S. crude futures CLc1 ​

  • WTI Midland rose 70 cents to a midpoint of a $4.70 premium and was seen bid and offered between a $4.60 and a $4.80 a barrel premium to U.S. crude futures CLc1 ​

  • West Texas Sour was steady at a midpoint of a $3.35 premium and was seen bid and offered between a $3.25 and a $3.45 a barrel premium to U.S. crude futures CLc1 ​

  • WTI at East Houston , also known as MEH, traded between a $7.65 and a $7.85 a barrel premium to U.S. crude futures CLc1 ​

  • ICE Brent June futures LCOc1 rose $7.87 to settle at $109.03 a barrel

  • WTI May crude CLc1 futures rose $11.42 to settle at $111.54 a barrel

  • The Brent/WTI spread widened 99 cents to last trade at minus $11.27, after hitting a high of minus $10.18 and a low of minus $12.39

(Reporting by Georgina McCartney in Houston; Editing by Chris Reese)

((georgina.mccartney@tr.com))

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