US Cash Crude-Offshore grades rise while inland crudes slip

- Grades were mixed on Thursday, dealers said, with offshore grades Light Louisiana Sweet and Mars Sour rising, while inland grades Midland and West Texas Sour slipped.

Crude exports rose by 742,000 barrels per day to 5.49 million bpd in the week ended May 8, the Energy Information Administration said on Wednesday, as the Iran war continues to drive demand for transatlantic barrels, pushing physical prices higher.

On Thursday, Iran's state media said about 30 vessels had crossed the Strait of Hormuz recently, while the semi-official Fars news agency cited a source saying Iran had begun allowing transit for some Chinese vessels.

  • Light Louisiana Sweet for June delivery rose 25 cents to a midpoint of a 5-cent premium and was seen bid and offered between parity and a 10-cent​ a barrel premium to U.S. crude futures CLc1

  • Mars Sour rose 75 cents to a midpoint of a $5 premium and was seen bid and offered between a $4.90 and $5.10 a barrel premium to U.S. crude futures CLc1

  • WTI Midland was steady at a midpoint of a $1.60 premium and was seen bid and offered between a $1.50 and $1.70 a barrel premium to U.S. crude futures CLc1

  • West Texas Sour fell 50 cents to a midpoint of a $1.90 discount and was seen bid and offered between a $2 and $1.80 a barrel discount to U.S. crude futures CLc1

  • WTI at East Houston, also known as MEH, traded between a $1.75 and $1.95 a barrel premium to U.S. crude futures CLc1

  • ICE Brent July futures LCOc1 rose 9 cents to settle at $105.72 a barrel

  • WTI June crude CLc1 futures rose 15 cents to settle at $101.17 a barrel

  • The Brent/WTI spread narrowed 3 cents to last trade at minus $8.79, after hitting a high of minus $8.19 and a low of minus $9.16