16 November 2013 – U.S. cash crude differentials were mostly weaker on Friday after a rise in inventories and production in the United States and a refinery fire on the Gulf Coast weighed on prices, brokers and traders said.
A Chevron Corp worker was killed in the fire that broke out early Friday morning at a cracking unit at the company’s 330,000-barrel-per-day refinery in Pascagoula, Mississippi.
Oil production in North Dakota, home to the giant Bakken shale oil formation, rose to 932,000 barrels per a day (bpd) in September, data from the state’s Department of Mineral Resources showed on Friday.
Bakken crude at the Clearbrook, Minnesota, hub traded at $13.75 under the benchmark U.S. crude futures on Friday.
Crude oil inventories in the world’s largest oil consumer rose by 2.6 million barrels last week, data released on Thursday from the U.S. Energy Information Administration (EIA) showed.
Stocks at the Cushing, Oklahoma, storage hub rose by 1.7 million barrels, the EIA said.
The Cushing hub is the delivery point for the U.S. light sweet crude contract traded on the New York Mercantile Exchange (NYMEX). West Texas Intermediate (WTI) crude is the NYMEX contract’s benchmark crude.
Light Louisiana Sweet for December delivery traded at $2.00 and $1.70 over the benchmark U.S. crude futures, weaker after trading on Thursday from $2.25 and $2.75 per barrel over the benchmark.
Mars Sour crude, produced in the Gulf of Mexico, traded at $2.90 and $3.25 a barrel under the benchmark, weaker after Thursday’s trades at $2.25, $2.50 and $2.70 under.
Eugene Island traded at $1.15 under the benchmark, weaker after Thursday’s trade at $1.00 below the futures benchmark.
Bonito Sour traded at $1.00, $1.15 and $1.25 under the benchmark futures, after trading on Thursday between from 20 cents and $1.20 per barrel under the benchmark.
Thunder Horse crude traded at $1.25 under the benchmark, after offers were pegged as strong as 50 cents over the benchmark on Thursday, with bids sighted at 75 cents under.
West Texas Intermediate at Midland , another sweet grade, traded from $4.50 to $3.80 under the benchmark futures, with most trades seen getting completed at $4.00 under. That compared to Thursday’s trades at $4.50 and $4.00 per barrel below the benchmark.
West Texas Sour , also in Midland, weakened slightly, trading at $5.25 under the benchmark. WTS traded on Thursday at $5.00 under the benchmark.