US Gulf sour crude grades rose to sizable premiums to Nymexquality WTI in Cushing, Oklahoma, Tuesday following the awarding of US government contracts to purchase 3mn bl of August-delivery sour crude for the US Strategic Petroleum Reserve (SPR) earlier this month. In Texas, Southern Green Canyon (SGC) traded at premiums between $1.50-$1.65/bl for August delivery on the second day of the trade month. The grade’s weighted-average premium rose by over $1/bl to the highest since December 2022. The US Department of Energy (DOE) awarded contracts to purchase 3mn bl of crude for the Big Hill SPR site in Beaumont, Texas, on 9 June.
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