Growing production of Texas super-light oil - and worries about its quality comp...
NEW YORK/HOUSTON - Growing production of Texas super-light oil - and worries about its quality compared with other types of crude - is slowing down deliveries into the main U.S. storage hub in Oklahoma, draining supply there and adding to a glut in Texas.
Cushing, which currently has 46 million barrels in storage, is one of the biggest blending markets in the world, where light and heavy crude are mixed to produce that blend, which is deliverable against benchmark U.S. futures. The shortage of the right blend boosted near-term prices at Cushing, traders said. Front-month crude futures traded at a high of $64.79 this week, a 10-cent premium to the next-month contract. That is the first time this has happened since October, an indication of short-term supply concerns.
Midland crude traded at a midpoint of $6 a-barrel discount to futures, after sinking to a $7.50 discount, the weakest since December, compared with a $3.50-discount on Wednesday.Super-light oil now makes up nearly 15 percent of current Permian production of about 4.2 million barrels per day , market sources said.
Some traders said blending issues could be shortlived as more pipelines from the Permian to the Gulf Coast will come online this year to facilitate exports and if flows from other regions recover. The front-month spread on Thursday eased to trade back in negative territory.
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