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US Cash Crude-Grades mixed as cold weather hits supply

ReutersFeb 19, 2025 12:04 AM

- Grades were mixed on Tuesday, dealers said, as a cold snap in the U.S. threatened oil supply.

The North Dakota Pipeline Authority estimated that output in the country's No. 3 producing state would be down by as much as 150,000 barrels per day.

U.S. President Donald Trump said on Tuesday he may not let Venezuela export oil and petroleum products via companies like Chevron CVX.N.

Saudi Arabia's monthly crude oil exports fell 1% in December, data from the Joint Organizations Data Initiative (JODI) showed on Tuesday.

Russia said oil flows through the Caspian Pipeline Consortium (CPC), a major route for supplying Kazakhstan and exporting to the global market, were reduced by 30-40% on Tuesday after a Ukrainian drone attack on a pumping station.

U.S. oil refiners are expected to have about 1.3 million barrels per day of capacity offline in the week ending February 21, increasing available refining capacity by 234,000 bpd, research company IIR Energy said on Monday.

Light Louisiana Sweet WTC-LLS for March delivery was unchanged at a midpoint of a $3.70 premium and was seen bid and offered between a $3.50 and $3.90 a barrel premium to U.S. crude futures CLc1

Mars Sour WTC-MRS eased 25 cents to a midpoint of a $2 premium and was seen bid and offered between a $1.80 and $2.20 a barrel premium to U.S. crude futures CLc1

WTI Midland WTC-WTM gained 15 cents to a midpoint of a $1.35 premium and was seen bid and offered between a $1.20 and $1.50 a barrel premium to U.S. crude futures CLc1

West Texas Sour WTC-WTS gained 22 cents to a midpoint of a $1 premium and was seen bid and offered between an 80-cent and $1.20 a barrel premium to U.S. crude futures CLc1

WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.35 and $1.75 a barrel premium to U.S. crude futures CLc1

ICE Brent April futures LCOc1 rose 62 cents to settle at $75.84 a barrel on Tuesday.

WTI March crude CLc1 futures fell 10 cents and traded at $71.75 a barrel on Tuesday.

The Brent/WTI spread WTCLc1-LCOc1 widened 5 cents to last trade at minus $3.98, after hitting a high of minus $3.93 and a low of minus $4.04.

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