US Gulf Coast cash crude prices rise as domestic output falls.

摘要

The discount on WTI futures to Brent futures tightened by 3￠/bbl over the week to June 19, with WTI ending at a $2.44/bbl discount to Brent, making Gulf grades slighdy less attractive on the international market. The US EIA reported domestic crude production plunged by 600K b/d over the week to June 12 to 10.5MM b/d-a low not seen since March 2018. Output will likely be down further in the data for the week June 19 since Baker Hughes Co. reported the seventh consecutive record low in its count of oil and gas rigs operating in the US for that week. The EIA data also showed overall US commercial crude stocks expanded by 1.2MM bbl to 539.280MM bbl in the week to June 12-the second record high in a row in the EIA's weekly data-but those held at the NYMEX WTI delivery point of Cushing (Oklahoma) shrank for the sixm week in a row.