US Cash Crude-Grades broadly slip as traders brace for more OPEC+ barrels
June 2 (Reuters) - Grades broadly fell on Monday, dealers said, as traders braced for a jump in global crude supplies.
The world’s largest group of oil producers, OPEC+, stuck to its guns on Saturday with another big increase of 411,000 barrels per day for July as it looks to wrestle back market share and punish over-producers.
Meanwhile, Canadian oil producer Cenovus Energy CVE.TO declared force majeure on its supply of Christina Lake Dil-bit heavy crude due to wildfires in the oil-producing province of Alberta, two trading sources said.
The wildfires have affected more than 344,000 bpd of oil sands production, or about 7% of the country's overall crude oil output, according to Reuters calculations.
On the demand side, U.S. oil refiners are expected to have about 263,000 barrels per day of capacity offline in the week ending June 6, increasing available refining capacity by 2,000 bpd, research company IIR Energy said on Monday.
* Light Louisiana Sweet WTC-LLS for July delivery fell 7 cents to a midpoint of a $2.68 premium and was seen bid and offered between a $2.60 and $2.75 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS fell 10 cents to a midpoint of a $1.30 premium and was seen bid and offered between a $1.20 and $1.40 a barrel premium to U.S. crude futures CLc1
* WTI Midland WTC-WTM was steady 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 WTC-WTS was steady at a midpoint of a parity and was seen bid and offered between a discount of 10 cents and 10-cent a barrel premium to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH, also known as MEH, traded between a 65-cent and 85-cent a barrel premium to U.S. crude futures CLc1
* ICE Brent August futures LCOc1 rose $1.85 to settle at $64.63 a barrel
* WTI July crude CLc1 futures rose $1.73 to settle at $62.52 a barrel
* The Brent/WTI spread WTCLc1-LCOc1 widened 9 cents to last trade at minus $3.08, after hitting a high of minus $2.91 and a low of minus $3.13
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