Crude Oil Up for Third Straight Day
West Texas Intermediate (WTI) and Brent crude oil futures settled higher for the third consecutive day Thursday.
WTI crude oil for March delivery gained 51 cents to settle at $54.41 per barrel. The front-month WTI peaked at $54.68 and bottomed out at $53.08.
April Brent crude oil futures rose 96 cents Thursday, settling at $64.57 per barrel.
According to the U.S. Energy Information Administration (EIA), some crude oil slates are getting more expensive for U.S. Gulf Coast refiners. In the latest installment of its “This Week in Petroleum” report, EIA states that margins for Gulf Coast refiners have fallen to their lowest levels since late-2014.
EIA noted that supplies of medium and heavy high-sulfur crudes – processed at a number of Gulf Coast facilities – have been constrained by production curbs in Canada and OPEC member countries. Moreover, EIA stated that the “threat of production disruptions in Venezuela” have contributed to the problem for Gulf Coast refiners.
As Rigzone reported earlier this week, heavy crude producer Venezuela’s oil output “freefall” could continue – particularly under recent Trump administration sanctions prohibiting the export of crude from the troubled South American country to the United States.
“Refining margins on the U.S. Gulf Coast are typically among the world’s highest because, among other factors, Gulf Coast refineries have upgraded equipment to refine lower-cost heavy crude oils into more valuable refined products,” EIA stated.
The price of a gallon of reformulated gasoline (RBOB) edged upward Thursday. The March RBOB contract increased 4 cents, ending the day at $1.51.
Henry Hub natural gas inched downward Thursday. March gas futures lost less than one cent to settle at $2.57.
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