US Cash Crude-Sour grades firm after Saudi output cut
June 6 (Reuters) -U.S. sour crude grades firmed on Tuesday, dealers said, as relatively higher volumes of Mars Sour traded during the session and it strengthened to its highest in nearly a month.
The sour grades firmed on steep output cuts from Saudi Arabia, which are expected to boost U.S. crude oil exports, already running close to a record level hit in March. Stockpiles in the U.S. are already tight and this will boost demand further, analysts said. nL4N37X2N9
Saudi Arabia, de facto leader of oil producer group OPEC, said on Sunday it would drop its production by about 10%, or 1 million barrels per day (bpd), to 9 million bpd in July. It said it might sustain the cut to support oil prices that have dropped due to worries about a potential economic recession.
Mars Sour WTC-MRS gained 55 cents at a midpoint of a 30-cent premium, its strongest since May 11. West Texas Sour WTC-WTS gained 27.5 cents at a midpoint of a 45-cent premium, strongest since March 16.
The production cuts by OPEC+ will slightly reduce global oil inventories in each of the next five quarters and boost global oil prices in late-2023 and early-2024, the U.S. Energy Information Administration (EIA) said on Tuesday. nL1N37Y23O
U.S crude oil production this year will rise faster and demand increases will cool compared to prior expectations, the EIA said.
* Light Louisiana Sweet WTC-LLS for July delivery was unchanged at a midpoint of a $2.30 premium and was seen bid and offered between a $2.20 and $2.40 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS gained 55 cents at a midpoint of a 30-cent premium and was seen bid and offered between a 20-cent and 40-cent a barrel premium to U.S. crude futures CLc1
* WTI Midland WTC-WTM was unchanged at a midpoint of a $1.3 premium and was seen bid and offered between a $1.20 and $1.40 a barrel premium to U.S. crude futures CLc1
* West Texas Sour WTC-WTS gained 27.5 cents at 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
* WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.45 and $1.65 a barrel premium to U.S. crude futures CLc1
* ICE Brent August futures LCOc1 fell 42 cents to settle at $76.29 a barrel
* WTI July crude CLc1 futures fell 41 cents to settle at $71.74 a barrel
* The Brent/WTI spread WTCLc1-LCOc1 narrowed last to minus $4.39, after hitting a high of minus $4.27 and a low of minus $4.49.
Reporting by Stephanie Kelly
Editing by Marguerita Choy
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