ReutersReuters

Grades mixed as refinery demand and global supplies to rise

RefinitivBacaan 2 minit

Physically traded crude grades were mixed on Monday, dealers said, with domestic refinery demand set to rise, while global supplies are expected to increase as OPEC+ continues unwinding voluntary production cuts.

U.S. oil refiners are expected to have about 291,000 barrels per day of capacity offline in the week ending July 4, increasing available refining capacity by 145,000 bpd, research company IIR Energy said on Friday.

Offline capacity is expected to fall to 140,000 bpd in the week ending July 11, and then rise to 171,000 in the subsequent week, IIR added.

OPEC+ oil producers are set to approve another big output boost for September as they complete both the unwinding of voluntary production cuts by eight members and the United Arab Emirates' move to a larger quota, five sources said.

In the futures market, oil prices rose nearly 2% as signs of strong demand more than offset the impact of a higher-than-expected OPEC+ output hike for August and fresh concerns about the potential impact of U.S. tariffs.

* Light Louisiana Sweet (WTC-LLS) for August delivery rose 40 cents to a midpoint of a $2.75 premium and was seen bid and offered between a $2.50 and $3 a barrel premium to U.S. crude futures CL1!

* Mars Sour (WTC-MRS) fell 30 cents to a midpoint of a 75-cent premium and was seen bid and offered between a 65-cent and 85-cent a barrel premium to U.S. crude futures CL1!

* WTI Midland (WTC-WTM) rose 5 cents to a midpoint of a 50-cent premium and was seen bid and offered between a 40-cent and 60-cent a barrel premium to U.S. crude futures CL1!

* West Texas Sour (WTC-WTS) rose 20 cents to a midpoint of a 5-cent discount and was seen bid and offered between a discount of 15 cents and 5-cent a barrel premium to U.S. crude futures CL1!

* WTI at East Houston (WTC-MEH), also known as MEH, traded between a 70-cent and 90-cent a barrel premium to U.S. crude futures CL1!

* ICE Brent September futures BRN1! rose $1.28 to settle at $69.58 a barrel

* WTI August crude CL1! futures rose 93 cents to settle at $67.93 a barrel

* The Brent/WTI spread (WTCLc1-LCOc1) narrowed 10 cents to last trade at minus $3.08, after hitting a high of minus $3 and a low of minus $3.19

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