US cash crude grades fall on expected G7 release of 100 million barrels of oil
USO•US cash crude grades broadly fell Friday as markets anticipated the G7’s planned release of 100 million barrels of diesel and crude from emergency reserves. WTI November futures settled down $1.76 at $91.11 a barrel.
1. Crude grades decline
US cash crude grades broadly fell Friday, dealers said, ahead of the G7’s planned release of 100 million barrels of diesel and crude from emergency reserves. Light Louisiana Sweet fell 12 cents to a $2.13-per-barrel premium to US crude futures, while WTI Midland fell 15 cents to a 45-cent premium and West Texas Sour fell 60 cents to a $2-per-barrel discount.
2. Futures and rig count
WTI November crude futures fell $1.76 to settle at $91.11 a barrel, while December Brent futures slipped 6 cents to $102.25. US oil and gas rigs fell by one to 598 in the week to October 2, Baker Hughes said.
