US Cash Crude-Grades rise despite expected rise in domestic output

Reuters
18 Apr
US Cash Crude-Grades rise despite expected rise in domestic output

April 17 (Reuters) - Grades broadly rose on Thursday, dealers said, even as future supply is expected to rise.

U.S. energy firms this week added oil and natural gas rigs for the first time in four weeks, energy services firm Baker Hughes BKR.O said in its closely followed report on Thursday.

The oil and gas rig count, an early indicator of future output, rose by two to 585 in the week to April 17.

Elsewhere, the Organization of the Petroleum Exporting Countries (OPEC) said on Wednesday it had received updated plans for Iraq, Kazakhstan and other countries to make further output cuts to compensate for pumping above quotas.

* Light Louisiana Sweet WTC-LLS for May delivery rose 5 cents to a midpoint of a $2.30 premium and was seen bid and offered between a $2.10 and $2.50 a barrel premium to U.S. crude futures CLc1

* Mars Sour WTC-MRS was steady at a midpoint of a 90-cent premium and was seen bid and offered between a 80-cent and $1 a barrel premium to U.S. crude futures CLc1

* WTI Midland WTC-WTM rose 5 cents to a midpoint of a 90-cent premium and was seen bid and offered between a 80-cent and $1.00 a barrel premium to U.S. crude futures CLc1

* West Texas Sour WTC-WTS rose 17 cents to a midpoint of a 40-cent premium and was seen bid and offered between a 30-cent and 50-cent a barrel premium to U.S. crude futures CLc1

* WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.20 and $1.40 a barrel premium to U.S. crude futures CLc1

* ICE Brent June futures LCOc1 rose $2.11 to settle at $67.96 a barrel

* WTI May crude CLc1 futures rose $2.21 to settle at $64.68 a barrel

* The Brent/WTI spread WTCLc1-LCOc1 narrowed 9 cents to last trade at minus $3.93, after hitting a high of minus $3.93 and a low of minus $4.01

(Reporting by Georgina McCartney in Houston; Editing by Jamie Freed)

((Georgina.McCartney@tr.com))

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