The discount on WTI futures to Brent futures widened by 54￠/bbl over the week to July 10, with WTI ending Friday at a $2.69/bbl discount to Brent, making Gulf grades slighdy more attractive on the international market. The US EIA reported domestic crude production was flat over the week to July 3 at 11.0MM b/d. Output could be down in the data for the week to July 10 since Baker Hughes Co. reported the tenth consecutive record low in its count of oil and gas rigs operating in the US for that week, with the latest figure down by five rigs. The EIA data also showed overall US commercial crude stocks jumped by 5.654MM bbl on the week while stocks held at the NYMEX WTI delivery point of Cushing (Oklahoma) grew for the first time in nine weeks.
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