REFILE-US Cash Crude-Grades firm as US revokes Iran oil license, ships attacked in Hormuz
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Refiles to change date to July 7 from July 6 in dateline
NEW YORK, July 7 (Reuters) - Physical crude grades largely firmed on Tuesday, dealers said, amid heightened supply concerns following reports of Iranian attacks on vessels in the Strait of Hormuz and the United States' decision to revoke a general license for Iranian oil sales.
A Qatari LNG tanker was at risk of exploding and a Saudi crude tanker was damaged near the Strait of Hormuz on Tuesday, leading maritime authorities to raise the threat risk for vessels transiting the Hormuz waterway to "severe." While traffic through the strait has picked up in the last week, it remains spotty, ranging between one-third and one-fifth of pre-war levels. There was no immediate comment from Tehran, or any claim of responsibility for the attacks.
Meanwhile, on Tuesday, the U.S. Energy Information Administration (EIA) said global oil output and trade flows should rebound fully by the end of this year from the disruptions caused by the Iran war.
On the domestic supply front, U.S. crude inventories fell by 399,000 barrels in the week ended July 3, market sources said, citing data from the American Petroleum Institute released on Tuesday.
Light Louisiana Sweet for August delivery remained unchanged at a midpoint of a 50 cent discount and was seen bid and offered between discount of $1.00 and parity to U.S. crude futures CLc1
Mars Sour firmed $1 to a midpoint of a $4.5 discount and was seen bid and offered between a $4.70 and $4.30 a barrel discount to U.S. crude futures CLc1
WTI Midland firmed 10 cents to a midpoint of a 10 cent discount and was seen bid and offered between a discount of 30 cents and 10 cent a barrel premium to U.S. crude futures CLc1
West Texas Sour firmed 10 cents to a midpoint of a $1.85 discount and was seen bid and offered between a $2.05 and $1.65 a barrel discount to U.S. crude futures CLc1
WTI at East Houston , also known as MEH, traded between a 10 cent and 30 cent a barrel premium to U.S. crude futures CLc1
ICE Brent September futures LCOc1 rose $2.17 to settle at $74.16 a barrel on Tuesday.
WTI August crude CLc1 futures rose $1.89 to settle at $70.44 a barrel on Tuesday.
The Brent/WTI spread widened 51 cents to last trade at minus $3.94, after hitting a high of minus $3.40 and a low of minus $4.18.
