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US Cash Crude-Grades largely steady just ahead of Trump's tariff announcement

ReutersApr 2, 2025 7:59 PM

- U.S. cash crude prices were broadly little changed on Wednesday, just ahead of U.S. President Donald Trump's expected announcement of sweeping tariffs that could escalate a trade war and upend the global economy.

Spot crude prices have been largely steady so far this week as traders braced for the announcement.

Trump has kept the world guessing about the details of the new tariffs, which are expected to prompt countermeasures from trading partners. He has said he will impose reciprocal tariffs to match U.S. rates with higher levels charged by other countries, but has not said how high those levels would be or which countries would bear the brunt.

In U.S. supply, crude inventories rose by 6.2 million barrels to 439.8 million barrels in the week ending March 28, the Energy Information Administration said on Wednesday.

Meanwhile, U.S. oil refiners are expected to have about 1.8 million barrels per day of capacity offline in the week ending April 4, reducing the available refining capacity by 166,000 bpd, research company IIR Energy said on Wednesday.

Offline capacity is expected to fall to 1.5 million bpd in the week ending April 11, IIR added.

Light Louisiana Sweet WTC-LLS for May delivery weakened 55 cents at a midpoint of a $2.15 premium and was seen bid and offered between a $2.05 and $2.25 a barrel premium to U.S. crude futures CLc1

Mars Sour WTC-MRS was little changed at a midpoint of a 85-cent premium and was seen bid and offered between a 75-cent and 95-cent a barrel premium to U.S. crude futures CLc1

WTI Midland WTC-WTM was little changed at a midpoint of a 95-cent premium and was seen bid and offered between a 85-cent and $1.05 a barrel premium to U.S. crude futures CLc1

West Texas Sour WTC-WTS was little changed at a midpoint of a 20-cent premium and was seen bid and offered between a discount of 15 cents and 55-cent a barrel premium to U.S. crude futures CLc1

WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.25 and $1.45 a barrel premium to U.S. crude futures CLc1

ICE Brent June futures LCOc1 rose 46 cents to settle at $74.95 a barrel

WTI May crude CLc1 futures rose 51 cents to settle at $71.71 a barrel

The Brent/WTI spread WTCLc1-LCOc1 narrowed 4 cents to to last trade at minus $3.71, after hitting a high of minus $3.68 and a low of minus $3.74

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