Vivid Headlines

US Cash Crude-Grades down as domestic supply set to rise


US Cash Crude-Grades down as domestic supply set to rise

U.S. cash crude prices broadly fell on Friday, dealers said, as companies added more oil rigs, and offshore operators impacted by Hurricane Francine started to recover and ramp production back up.

U.S. energy firms this week added oil and natural gas rigs for the first time in five weeks in the biggest weekly rise in a year, energy services firm Baker Hughes said in its closely followed report on Friday.

Baker Hughes said oil rigs rose by five to 488 this week, while gas rigs rose by three to 97.

Meanwhile, U.S. Gulf of Mexico energy firms on Friday were lumbering back from hurricane disruptions as offshore oil and gas producers ramped up output, ports reopened, and onshore terminals accepted oil and liquefied natural gas (LNG) tankers.

Hurricane Francine shut in up to 42% of the region's offshore oil production.

Light Louisiana Sweet for October delivery fell 17.5 cents at a midpoint of a $1.75 premium and was seen bid and offered between a $1.65 and $1.85 a barrel premium to U.S. crude futures CLc1

Mars Sour fell 20 cents at a midpoint of a $1 discount and was seen bid and offered between a $1.10 and 90-cent a barrel discount to U.S. crude futures CLc1

WTI Midland gained 5 cents at a midpoint of a 60-cent premium and was seen bid and offered between a 50-cent and 70-cent a barrel premium to U.S. crude futures CLc1

West Texas Sour fell 22.5 cents at a midpoint of a 15-cent discount and was seen bid and offered between a 25-cent and 5-cent a barrel discount to U.S. crude futures CLc1

WTI at East Houston, also known as MEH, traded between a $1.20 and $1.40 a barrel premium to U.S. crude futures CLc1

ICE Brent November futures fell 36 cents to settle at $71.61 a barrel

WTI October crude futures fell 32 cents to settle at $68.65 a barrel

The Brent/WTI spread widened last to minus $3.82, after hitting a high of minus $3.80 and a low of minus $3.92.

Source: Reuters (Reporting by Georgina McCartney in Houston, Editing by Marguerita Choy)

Previous articleNext article

POPULAR CATEGORY

entertainment

9376

discovery

4078

multipurpose

9743

athletics

9715