Mars Sour, the benchmark for sour U.S. Gulf Coast grades, was trading at a $1.05 premium to U.S. crude futures on July 1.
Crude oil inventories also hit another record high on the U.S. Gulf Coast, where the bulk of the nation's refining capacity is located.
The Thai chemical company said it chose the Ohio site for the proposed ethane cracker because it is located in the Marcellus and Utica shale region, the biggest U.S. natural gas shale formation.
Institute questions whether facility will deliver the promised economic impact.
Similar recoveries in fuel consumption are expected at varying rates across the globe as countries gradually emerge from lockdown and are likely to push the oil market into supply deficit in the third quarter.
Stocks in Cushing fell by 3 million barrels in the last week, the EIA said. The hub, coming into this week's data, is more than 80% full, as producers find themselves with fewer places to store oil.
Meanwhile, U.S. crude production is expected to fall 540,000 bbl/d from last year's record high to 11.7 million bbl/d in 2020, compared with the EIA's previous forecast for a decline of 470,000 bbl/d.
William Thomas, CEO at EOG Resources Inc., said May 8 on an investor call that the "historic and prolific oil production growth by U.S. shale may have been forever altered."