US Gulf Coast cash crude prices rise after domestic crude inventories shrink.

摘要

The discount on WTI futures to Brent futures tightened by 38￠/bbl over the week to July 2, with WTI ending Thursday at a $2.15/bbl discount to Brent, making Gulf grades slightly less attractive on the international market. (US markets were closed on Friday July 3 ahead of the July Fourth holiday on Saturday.) The US EIA reported domestic crude production was flat over the week to June 26 at 11.0MM b/d. Output could be down in the data for the week to July 3 since Baker Hughes Co. reported the ninth consecutive record low in its count of oil and gas rigs operating in the US for that week, but the latest figure is only down by two rigs. The EIA data also showed overall US commercial crude stocks plunged by 7.195MM bbl from the previous week's record high while stocks held at the NYMEX WTI delivery point of Cushing (Oklahoma) shrank for the eighth week in a row.