U.S. cash crude prices steady
WTI postings plus followed the futures market down, while most other grades were steady on the U.S. domestic cash crude market, traders said yesterday.
WTI postings plus followed the futures market down, while most other grades were steady on the U.S. domestic cash crude market, traders said yesterday.
WTI postings plus traded at $3.09, down 6 cents from Tuesday, as May crude futures lost 28 cents to $27.43 on the New York Mercantile Exchange (Nymex) after government data showed a big increase in crude inventories.
The U.S. Energy Information Administration (EIA) inventory report showed crude stocks rose by 6.1 million barrels last week in the United States on the back of strong imports. Light Louisiana Sweet/St. James, the main sweet crude, traded steady between 34 cents and 40 cents premium to benchmark WTI/Cushing.
Sister sweet Heavy Louisiana Sweet/Empire traded steady at 30 cents premium to the benchmark. Increased refinery demand failed to spur a rise in cash crude prices.
Refinery inputs increased for the third week in a row last week, averaging 14.7 million barrels per day as refinery utilisation rates went up by 0.7 percentage point to 90.4 percent, the EIA said.
WTI/Midland traded at a 22 cent discount to WTI/Cushing versus a 25/22 disount on Tuesday. West Texas Sour/Midland, the main sour grade, was pegged at minus $1.20/1.19 to the benchmark, within Tuesday's range.
Eugene Island crude slipped a nickel to values at 50/40 cents under WTI/Cushing, with no trade done. Bonito also lost 5 cents to be valued at 40/20 cents under the benchmark. Poseidon was flat at minus $1.43/1.35, while Mars traded unchanged at minus $1.85 to the benchmark.
WTI/Cushing was valued at $27.48/27.54 a barrel at midday. Nymex crude futures pared losses at midsession, partly swayed by Egypt's move to cut direct contacts with Israel, traders said.
At 12:21 EST (1621 GMT) Nymex May crude traded at $27.54 a barrel, down 17 cents, after falling as low as $27.20 cents earlier. It has posted a session high of $27.68.
Nymex May heating oil traded 0.35 cent lower at 70.60 cents a gallon, following a 2.26-cents gain on Tuesday. Nymex May gasoline was down 1.98 cents at 85.00 cents a gallon, after gaining 2.08 cents on Tuesday.
IPE Brent crude futures ended lower but in line with most of the day's trading range yesterday after news of a surprisingly steep build in U.S. crude supplies and gasoline tanks, traders said. By the closing bell, May Brent was down 38 cents at $27.28 a barrel. April gas oil settled 75 cents lower at $213.50 a tonne.
