Americas crude: Foreign offers drop as contango narrows

摘要

A narrower NYMEX crude futures contango coupled with a stronger WTI/Brent spread has reduced sharply offers in foreign crudes now sitting aboard VLCCs used as floating storage in the US Gulf of Mexico, market sources said Thursday. Sources said a myriad of West African grades were heard on offer at $1.00-1.50/barrel premium to July WTI delivered into the US Gulf, from about a $2.50/b premium to July WTI delivered a week ago. The NYMEX June/July crude future settled at minus $1.16/b Thursday, from minus $1.85 a week ago.