US Cash Crude-Grades mixed as oil rig count rises, refinery demand ticks higher

Baker Hughes

Baker Hughes

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- Grades were mixed on Friday, dealers said, as the U.S. oil rig count rose while domestic refinery demand was also increasing.

U.S. energy firms this week added rigs for a seventh week in a row for the first time since May 2022, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday.

Baker Hughes said oil rigs rose by two to 431 this week, the highest since June 2025.

U.S. oil refiners are expected to have about 138,000 barrels per day of capacity offline in the week ending June 5, increasing available refining capacity by 99,000 bpd from the previous week, research company IIR Energy said on Friday.

In the following week ending June 12, offline capacity is expected to rise to 144,000 bpd, IIR said.

Crude oil stocks at Cushing, Oklahoma slipped by 500,000 barrels between May 29 and June 2, according to oil storage data provider AlphaBBL that uses drones, planes and satellites to measure and estimate oil storage.

The Iran war had led to a massive drawdown in crude stocks.

  • Light Louisiana Sweet for July delivery rose 13 cents to a midpoint of a $2.63 premium and was seen bid and offered between a $2.25 and $3.00 a barrel premium to U.S. crude futures CLc1

  • Mars Sour was steady at 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 was steady at 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 rose 25 cents to a midpoint of a $2.15 discount and was seen bid and offered between a $2.25 and $2.05 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 $1.94 to settle at $93.09 a barrel on Friday​.

  • WTI July crude CLc1 futures fell $2.5 to settle at $90.54 a barrel on Friday​.

  • The Brent/WTI spread widened 13 cents to last trade at minus $5.16, after hitting a high of minus $4.81 and a low of minus $5.45