US Cash Crude-Grades fall on expected G7 release of 100 million barrels of oil 

By Reuters News

HOUSTON, Oct 2 (Reuters) - Grades broadly fell on Friday, dealers said, in anticipation of a release of emergency oil supplies from G7 countries intended to tame record high fuel prices as energy markets reel from the Iran war, now in its seventh month.

Group of Seven countries agreed on Friday to release 100 million barrels of diesel and crude oil from emergency reserves and pledged to refrain from energy export restrictions after pressure from US President Donald Trump.

US energy firms this week cut the number of rigs operating for the first time in six weeks, energy services firm Baker Hughes BKR.O said in its closely followed report on Friday.

The total oil and gas rig count, an early indicator of future output, fell by one to 598 in the week to October 2, the lowest since mid-September.

  • Light Louisiana Sweet for November delivery fell 12 cents to a midpoint of a $2.13 premium and was seen bid and offered between a $2.00 and $2.25 a barrel premium to US crude futures ​

  • Mars Sour was steady at a midpoint of a $1.75 premium and was seen bid and offered between a $1.65 and $1.85 a barrel premium to US crude futures ​

  • WTI Midland fell 15 cents to a midpoint of a 45-cent premium and was seen bid and offered between a 35-cent and 55-cent a barrel premium to US crude futures ​

  • West Texas Sour fell 60 cents to a midpoint of a $2 discount and was seen bid and offered between a $2.10 and $1.90 a barrel discount to US crude futures

  • WTI at East Houston , also known as MEH, traded between a 70-cent and 90-cent a barrel premium to US crude futures ​

  • ICE Brent December futures fell 6 cents to settle at $102.25 a barrel on Friday​

  • WTI November crude futures fell $1.76 to settle at $91.11 a barrel on Friday​

  • The Brent/WTI spread widened $1.58 to last trade at minus $13.05, after hitting a high of minus $11.23 and a low of minus $13.06

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