US Cash Crude-Grades rise as oil rig count falls, refinery demand rises

U.S. oil refiners are expected to have about 8,000 barrels per day of capacity offline for the week ending August 28, increasing available refining capacity by 67,000 bpd, research company IIR Energy said on Friday.

Offline capacity is expected to decrease to 3,000 bpd in the week ending September 4 and further to 230,000 bpd in the subsequent week, IIR added.

• Light Louisiana Sweet for October delivery rose 50 cents to a midpoint of a $3.50 premium and was seen bid and offered between a $3.40 and $3.60 a barrel premium to U.S. crude futures.
• Mars Sour rose $1 to a midpoint of a $2 premium and was seen bid and offered between a $1.90 and $2.1 a barrel premium to U.S. crude futures.
• WTI Midland was steady at a midpoint of a 80-cent premium and was seen bid and offered between a 70-cent and 90-cent a barrel premium to U.S. crude futures.
• West Texas Sour rose 18 cents to a midpoint of a $1.20 discount and was seen bid and offered between a $1.30 and $1.10 a barrel discount to U.S. crude futures.
• WTI at East Houston, also known as MEH, traded between a $1.05 and $1.25 a barrel premium to U.S. crude futures.
• ICE Brent October futures fell 39 cents to settle at $89.31 a barrel.
• WTI October crude futures fell 13 cents to settle at $83.4 a barrel.
• The Brent/WTI spread widened 37 cents to last trade at minus $6.54, after hitting a high of minus $6.18 and a low of minus $6.54.