US Cash Crude-Grades broadly rise as domestic crude, gasoline stocks fall

Baker Hughes

Baker Hughes

BKR

0.00

- Grades broadly fell on Wednesday, dealers said, after domestic crude and gasoline stocks fell last week, according to the Energy Information Administration.

U.S. crude and gasoline stocks declined as refiners stepped up their crude processing and gasoline demand remained sturdy during summer driving season.

Crude inventories fell by 1.7 million barrels to 409.7 million barrels in the week to July 10, the EIA said. That was smaller than the 2.6 million-barrel draw forecast by analysts polled by Reuters.

Meanwhile, the U.S. conducted a new wave of strikes against Iran's coastal defence systems and missile sites on Wednesday after reimposing a naval blockade of Iranian ports, while Iran threatened to shut off more regional energy exports.

  • Light Louisiana Sweet for August delivery rose $1.60 to a midpoint of a $1.65 premium and was seen bid and offered between a $1.50 and $1.80 a barrel premium to U.S. crude futures CLc1

  • Mars Sour fell 1 cents to a midpoint of a 85-cent premium and was seen bid and offered between a 50-cent and $1.2 a barrel premium to U.S. crude futures CLc1

  • WTI Midland rose 5 cents to a midpoint of a 35-cent premium and was seen bid and offered between a 20-cent and 50-cent a barrel premium to U.S. crude futures CLc1

  • West Texas Sour was steady at a midpoint of a $2.95 discount and was seen bid and offered between a $3.15 and $2.75 a barrel discount to U.S. crude futures CLc1

  • WTI at East Houston , also known as MEH, traded between a 40-cent and 80-cent a barrel premium to U.S. crude futures CLc1

  • ICE Brent September futures LCOc1 rose 22 cents to settle at $84.95 a barrel

  • WTI August crude CLc1 futures rose 26 cents to settle at $79.6 a barrel

  • The Brent/WTI spread narrowed 11 cents to last trade at minus $5.94, after hitting a high of minus $5.29 and a low of minus $6.57