However, exports have surged recently due partly to the Russia-Ukraine war upending global oil flows. The spread between WTI and Brent crude futures has also largely widened since December, leading to record high exports of crude from the United States.
U.S. oil refiners are expected to have about 1,627,000 barrels per day (bpd) of capacity offline for the week ending March 3, increasing available refining capacity by 187,000 bpd, research company IIR Energy said. Offline capacity is expected to fall to 1,515,000 bpd in the week ending March 10, IIR added. Also in refining, Exxon Mobil Corp started the new crude distillation unit (CDU) at its 369,024 barrel-per-day (bpd) Beaumont, Texas refinery, people familiar with plant operations said on Wednesday. Exxon plans for the new CDU C to be producing at its full 250,000-bpd capacity by the end of the first quarter of 2023, the company said.
* Light Louisiana Sweet for March delivery fell 10
cents to a midpoint of a $2.85 premium and traded between a
$2.75 and $2.95 a barrel premium to U.S. crude futures .
* Mars Sour fell 10 cents to a midpoint of a 60-cent discount and was seen bid and offered between a 70-cent and 50-cent a barrel premium to U.S. crude futures .
* WTI Midland fell 5 cents to a midpoint of a $1.80 premium and traded between a $1.70 and $1.90 a barrel premium to U.S. crude futures .
* West Texas Sour was unchanged at a midpoint of a 75-cent discount, was seen bid and offered between a $1 and 50-cent a barrel discount to U.S. crude futures .
* WTI at East Houston, also known as MEH, traded from $1.90 to $2.10 over WTI.
* ICE Brent May futures rose 44 cents to settle at
$84.75 a barrel.
* WTI April crude futures rose 47 cents to settle at
$78.16 a barrel.
* The Brent/WTI spread narrowed 6 cents to
minus $6.42, after hitting a high of minus $6.30 and a low of
minus $6.50.
(Reporting by Laila Kearney in New York
Editing by Marguerita Choy)
