US Cash Crude-Grades steady as OPEC points to a smaller 2026 oil supply deficit
Oct 13 (Reuters) - Grades eased slightly on Monday, dealers said, as OPEC pointed to a smaller 2026 oil supply deficit even as the group and its allies pump more.
WTI Midland eased 5 cents, while WTI at East Houston, also known as MEH, lowered 10 cents.
World oil supply is expected to closely match demand next year as the wider OPEC+ group increases production, an OPEC report showed on Monday, marking a change from last month's outlook, which projected a supply shortfall in 2026.
Front-month U.S. crude oil futures at their smallest premium since January 2024 over the seventh-month contract, as OPEC+ ramps up supply while seasonal refinery maintenance in the U.S. pressures demand for prompt barrels.
U.S. oil refiners are expected to have about 1.3 million barrels per day (bpd) of capacity offline in the week ending October 17, increasing available refining capacity by 518,000 bpd, research company IIR Energy said on Monday. Offline capacity is expected to fall to 1.2 million bpd in the week ending October 24, IIR said.
Light Louisiana Sweet for November delivery gained 40 cents to a midpoint of a $2.30 premium and was seen bid and offered between a $2.15 and $2.45 a barrel premium to U.S. crude futures CLc1
Mars Sour was unchanged at a midpoint of a 70-cent discount and was seen bid and offered between a 90-cent and 50-cent a barrel discount to U.S. crude futures CLc1
WTI Midland eased 5 cents to a midpoint of a 75-cent premium and was seen bid and offered between a 50-cent and $1.00 a barrel premium to U.S. crude futures CLc1
West Texas Sour eased 2 cents to a midpoint of a 10-cent discount and was seen bid and offered between a discount of 30 cents and 10-cent a barrel premium to U.S. crude futures CLc1
WTI at East Houston , also known as MEH, traded between a 90-cent and $1.30 a barrel premium to U.S. crude futures CLc1
ICE Brent December futures LCOc1 rose 59 cents to settle at $63.32 a barrel on Monday.
WTI November crude CLc1 futures rose 59 cents to settle at $59.49 a barrel on Monday.
The Brent/WTI spread narrowed 2 cents to last trade at minus $4.23, after hitting a high of minus $4.18 and a low of minus $4.35.
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