US Cash Crude-Mars firms as traffic through the Hormuz remains at a standstill

HOUSTON, April 9 (Reuters) - Mars sour crude firmed on Thursday after easing for three straight sessions, as ship traffic through the Strait of Hormuz stood at well below 10% of normal volumes on Thursday despite a U.S.-Iran ceasefire.

Mars firmed $4 to a premium of $8 to West Texas Intermediate crude at Cushing, while WTI Midland and Midland at East Houston were unchanged.

Hundreds of tankers and other ships have been stuck inside the Gulf since the Iran war began on Feb 28, cutting global oil supply by 20% in the world's biggest-ever supply disruption.

European and African crude oil prices climbed to fresh records on Wednesday, defying a sharp selloff in oil futures after a U.S.-Iran ceasefire was reached on Tuesday, as traders priced in a prolonged disruption to physical oil supplies.

Attacks on Saudi energy facilities have cut the kingdom's oil production capacity by around 600,000 barrels per day and throughput on its East-West Pipeline by about 700,000 bpd, Saudi state news agency SPA reported on Thursday, citing an official source at the Ministry of Energy.

U.S. President Donald Trump on Thursday warned in a post on Truth Social that oil would start flowing very quickly, "with or without the help of Iran," without providing further details.

  • Light Louisiana Sweet for May delivery eased 25 cents to a midpoint of a $5.00 premium and was seen bid and offered between a $4.00 and $6.00 a barrel premium to U.S. crude futures CLc1

  • Mars Sour firmed $4 to a midpoint of a $8 premium and was seen bid and offered between a $7.00 and $9 a barrel premium to U.S. crude futures CLc1

  • WTI Midland was unchanged at a midpoint of a $3.2 premium and was seen bid and offered between a $3.00 and $3.40 a barrel premium to U.S. crude futures CLc1

  • West Texas Sour eased 15 cents to a midpoint of a 5-cent discount and was seen bid and offered between a discount of 20 cents​​ and 10-cent a barrel premium to U.S. crude futures CLc1 ​

  • WTI at East Houston , also known as MEH, traded between a $4.60 and $5.00 a barrel premium to U.S. crude futures CLc1

  • ICE Brent June futures LCOc1 rose $1.17 to settle at $95.92 a barrel on Thursday​.

  • WTI May crude CLc1 futures remained unchanged at $97.87 a barrel on Thursday​.

  • The Brent/WTI spread narrowed 73 cents to last trade at minus $6.27, after hitting a high of minus $5.82 and a low of minus $7.34.


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