US Cash Crude-Grades largely steady as investors watch Hormuz transit

HOUSTON, April 28 (Reuters) - U.S. domestic grades traded range-bound on Tuesday, the second day of June trade, as at least one crude oil tanker crossed the Strait of Hormuz, raising hopes of flows through the narrow chokepoint.

The Idemitsu Maru, a Panama-flagged tanker carrying 2 million barrels of Saudi oil, and an LNG tanker managed by the United Arab Emirates' Abu Dhabi National Oil Co (ADNOC) crossed the Strait on Tuesday, shipping data showed.

Meanwhile, efforts to end the Iran conflict were at an impasse on Tuesday with U.S. President Donald Trump unhappy with the latest proposal from Tehran, which he said had informed the U.S. it was in a "state of collapse" and figuring out its leadership situation.

Saudi Arabia might cut its official June crude selling prices (OSP) to Asia from record levels as spot premiums eased and as demand cooled after weeks of supply disruption from the U.S.-Israeli war on Iran, according to a Reuters survey of industry sources. Lower prices for Saudi crude may cut Asian demand for U.S. crude.

The United Arab Emirates on Tuesday said it was quitting OPEC, dealing a blow to the oil producers' group as an unprecedented energy crisis caused by the Iran war exposes discord among Gulf nations.

In refining news, a Monday night fire at Shell's SHEL.L Norco, Louisiana refining and chemical plant complex broke out on an olefins unit in the chemical plant, people familiar with plant operations said on Tuesday.

• Light Louisiana Sweet for May delivery eased 75 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

• Mars Sour was unchanged at a midpoint of a $6.5 premium and was seen bid and offered between a $6.25 and $6.75 a barrel premium to U.S. crude futures CLc1

• WTI Midland climbed 30 cents to a midpoint of a $2.8 premium and was seen bid and offered between a $2.60 and $3.00 a barrel premium to U.S. crude futures CLc1

• West Texas Sour eased 60 cents to a midpoint of a $1 discount and was seen bid and offered between a $1.20 and 80-cent a barrel discount to U.S. crude futures CLc1 ​

• WTI at East Houston, also known as MEH, traded between a $3.60 and $4.00 a barrel premium to U.S. crude futures CLc1

• ICE Brent June futures LCOc1 rose $3.03 to settle at $111.26 a barrel on Tuesday​.

• WTI June crude CLc1 futures rose $3.56 to settle at $99.93 a barrel on Tuesday​.

• The Brent/WTI spread narrowed 55 cents to last trade at minus $11.31, after hitting a high of minus $10.69 and a low of minus $12.60.