US Cash Crude-Grades ease on second day of volatile cash roll trading period

May 21 (Reuters) - Grades eased on Thursday on the second full day of volatile cash roll trading period and as OPEC+ leaders are likely to agree to a modest hike to July output.

Seven leading OPEC+ oil-producing countries will likely agree to a modest hike to July output when they meet on June 7, four sources said, though delivery for several remains disrupted by the Iran war. The monthly target set by seven core OPEC+ members is expected to be raised by about 188,000 barrels per day, the sources said.

However, full oil flows through the Strait of Hormuz will not return before the first or second quarter of 2027, even if the Middle East conflict ended now, the head of the United Arab Emirates' state oil firm ADNOC said.

Meanwhile, prices to roll U.S. crude oil futures positions from June to July traded at $3.60 a barrel.

Traders use the three-day roll period to adjust their crude slates, square up positions and net out exposures following the expiration of the U.S. crude futures contract.

The spread between WTI and Brent/WTI narrowed for the ninth session to last trade at minus $6.23 a barrel, the smallest discount in over a month.

  • Light Louisiana Sweet for June delivery eased $2 to trade flat and was seen bid and offered between a 20-cent premium and a 20-cent discount a barrel to U.S. crude futures CLc1. ​

  • Mars Sour was unchanged at a midpoint of a $2.50 premium and was seen bid and offered between a $2.25 and $2.75 a barrel premium to U.S. crude futures CLc1. ​

  • WTI Midland eased 15 cents to trade at a 15-cent discount and was seen bid and offered between a discount of 30 cents​​ and flat to U.S. crude futures CLc1. ​

  • West Texas Sour eased 60 cents to a midpoint of a $4.80 discount and was seen bid and offered between a $4.60 and $5 a barrel discount to U.S. crude futures CLc1.

  • WTI at East Houston, also known as MEH, traded between a discount of 20 cents​​ and a 10-cent a barrel premium to U.S. crude futures CLc1.

  • ICE Brent July futures LCOc1 fell $2.44 to settle at $102.58 a barrel on Thursday​.

  • WTI July crude CLc1 futures fell $1.91 to settle at $96.35 a barrel on Thursday​.

  • The Brent/WTI spread narrowed 53 cents to last trade at minus $6.23, after hitting a high of minus $6.10 and a low of minus $6.89.


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