US Cash Crude-Grades fall as traders see end to US-Israeli war with Iran

June 4 (Reuters) - Grades broadly fell on Thursday, dealers said, as investors were expecting an end to the U.S.-Israeli war with Iran, following a ceasefire deal between Israel and Lebanon.

The war in Iran has left the Strait of Hormuz effectively closed. An end to the war would eventually see a return to market of millions of barrels of oil blocked by that chokepoint, easing prices globally.

Iranian exports of crude oil and condensate fell to their lowest level in at least six years in May, falling well below 300,000 barrels per day, mainly due to the U.S. naval blockade, according to shipping data and analysts.

Meanwhile, Iranian oil prices slipped into discounts for the first time since April, while Russian crude premiums eased as traders cut prices to entice Chinese buyers amid sluggish demand, trade sources said.

Elsewhere, the Republican-led U.S. House of Representatives approved a resolution on Wednesday to block Trump from continuing the war against Iran.

  • Light Louisiana Sweet for July delivery fell 16 cents to a midpoint of a $2.50 premium and was seen bid and offered between a $2.40 and $2.60 a barrel premium to U.S. crude futures CLc1 ​

  • Mars Sour rose 25 cents to a midpoint of a $3.25 premium and was seen bid and offered between a $3.15 and $3.35 a barrel premium to U.S. crude futures CLc1 ​

  • WTI Midland fell 15 cents to a midpoint of a 60-cent premium and was seen bid and offered between a 50-cent and 70-cent a barrel premium to U.S. crude futures CLc1 ​

  • West Texas Sour fell 7 cents to a midpoint of a $2.40 discount and was seen bid and offered between a $2.50 and $2.30 a barrel discount to U.S. crude futures CLc1 ​

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

  • ICE Brent August futures LCOc1 fell $2.78 to settle at $95.03 a barrel

  • WTI July crude CLc1 futures remained unchanged at $93.04 a barrel

  • The Brent/WTI spread widened 10 cents to last trade at minus $5.20, after hitting a high of minus $4.64 and a low of minus $5.40


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