US Cash Crude-Mars Sour firms as a new storm threatens offshore oil output
Nov 4 (Reuters) -Mars Sour crude prices strengthened on Monday, dealers said, as a new tropical storm that was forecast to form on Monday in the Caribbean threatened offshore oil production along the Gulf of Mexico.
Mars Sour WTC-MRS strengthened 30 cents to a midpoint of a $1 discount to U.S. crude futures CLc1.
Ahead of Storm Rafael, Shell said it was moving non-essential personnel from six platforms, adding it currently expects no other impacts on its production across the Gulf of Mexico.
Meanwhile, OPEC+ said on Sunday it would extend its output cut of 2.2 million barrels per day (bpd) for another month in December, with an increase already delayed from October because of falling prices and weak demand.
OPEC's oil output rebounded in October as Libya resolved a political crisis, a Reuters survey found.
Production of Libyan oil, which is similar to and competes with U.S. WTI Midland crude, is nearing 1.5 million bpd, the country's National Oil Corporation (NOC) said.
Iran has approved a plan to increase oil production by 250,000 bpd, the oil ministry's news website Shana reported on Monday.
In refining news, U.S. oil refiners are expected to have about 554,000 bpd of capacity offline in the week ending Nov. 8, raising available capacity by 116,000 bpd, research company IIR Energy said.
* Light Louisiana Sweet WTC-LLS for December delivery gained 10 cents to a midpoint of a $1.80 premium and was seen bid and offered between a $1.60 and $2.00 a barrel premium to U.S. crude futures CLc1
* Mars Sour WTC-MRS strengthened 30 cents to a midpoint of a $1 discount and was seen bid and offered between a $1.20 and 80-cent a barrel discount to U.S. crude futures CLc1
* WTI Midland WTC-WTM was unchanged at a midpoint of a 65-cent premium and was seen bid and offered between a 55-cent and 75-cent a barrel premium to U.S. crude futures CLc1
* West Texas Sour WTC-WTS eased 15 cent to a midpoint of a 60-cent discount and was seen bid and offered between a 85-cent and 35-cent a barrel discount to U.S. crude futures CLc1
* WTI at East Houston WTC-MEH, also known as MEH, traded between a $1.05 and $1.25 a barrel premium to U.S. crude futures CLc1
* ICE Brent January futures LCOc1 rose $1.98 to settle at $75.08 a barrel
* WTI December crude CLc1 futures rose $1.98 to settle at $71.47 a barrel
* The Brent/WTI spread WTCLc1-LCOc1 widened 3 cents to last trade at minus $4.05, after hitting a high of minus $3.94 and a low of minus $4.08.
Reporting by Georgina McCartney in Houston; Editing by Marguerita Choy
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