Tight market for sour crude oil to squeeze U.S. Gulf Coast refiners – Reuters
Tight market for sour crude oil to squeeze U.S. Gulf Coast refiners – Reuters
NEW YORK/HOUSTON, May 12 (Reuters) - Sour crude oil supplies for U.S. Gulf Coast oil refiners will be squeezed in coming weeks, market participants said, as global demand rises following this month's OPEC+ production cut.
The oil producing group's 500,000 barrel per day cut will reduce stocks of sour crudes as U.S. oil refiners ramp up purchases for summer driving season. Shell Plc's shut-in of its 375,000-bpd Zydeco line in the Gulf of Mexico last month because of a leak also reduced supplies, traders and analysts said.
Cash prices for Mars Sour , a key sour grade, have climbed recently, firming on Tuesday to a $1.60 premium to U.S. crude futures , the strongest since September 2020, traders said.
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