Knowledge (XXG)

West Texas Intermediate

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355:, where futures prices are greater than spot prices. Contango imposes a roll cost on investors who must roll futures contracts, as they must pay a relatively higher price for those contracts to get the same underlying spot price exposure as their previous expiring contract. These roll costs could be viewed as compensation, purchased virtual storage, or an indirect subsidy for storage owners to provide the service of storing crude on behalf of financial investors. In the WTI context, storage owners would include most participants in the physical WTI market. Beyond the need by financial investors in oil, oil storage is also valuable because it provides insurance against supply disruptions or unexpected increases in demand. Refiners who wish to avoid carrying real physical oil inventories can purchase futures contracts as virtual storage as an alternative. Oil producers wishing to maintain real physical oil inventories similarly could lower the cost of those inventories through selling futures contracts. Index fund participation in the crude oil market is also associated with lower price volatility. 371:, which reduced demand, with storage issues and the expiration of the May contract on the following day resulting in reduced trading. For the first time ever, the reduction in trading shut down the Trade at Settlement (TAS) mechanism of the May 2020 WTI contract 30 minutes before the end of trading due to a lack of buyers. The TAS shutdown signaled to market participants that all remaining open May 2020 WTI contracts that have to be sold, either outright or for the purposes of rolling to the June 2020 contract, to the open market in the next twenty minutes. The speed at which the contracts had to be sold, and the closeness of that time to contract expiry meant that large physical oil traders, who could have transported and stored oil elsewhere given a low enough price, could not buy contracts due to operational, risk management, and position limit constraints. Any remaining traders who were willing to buy contracts gained enormous 239:
controls. After the price decontrol, WTI graded crude oil traded under spot prices centered around spot prices at Cushing, Oklahoma, Midland, Texas, and Houston, Texas (specifically at the Magellan East Houston "MEH" Terminal). Oil price collapses during 1985-1986 significantly reduced local oil production around Cushing, and linked Gulf Coast imported crude oil supplies into the Cushing region and the WTI market. The growth of the WTI spot market came in tandem with the growth of the WTI futures market. The volatility of WTI spot prices lead to the development of WTI futures contracts, while the adoption of the WTI futures contracts as hedging tools by producers and refiners worldwide lead to the worldwide adoption of assessed physical WTI spot prices as benchmark prices for crude.
281:. The contract is for 1,000 US barrels, or 42,000 US gallons, of WTI crude oil, the minimum tick size of the contract is $ 0.01 per barrel ($ 10 for contract), and the contract price is quoted in US dollars. Monthly contracts are available for the current year, the following 10 calendar years, and 2 additional months. For example, from the perspective of any day in June before the last trade date for the June 2020 contracts, contracts for June 2020, July 2020, August 2020, ... December 2030, January 2031, and February 2031 are available for trading. The maximum number of contracts would be 134 contracts, which occurs at the expiry of a December contract when contracts for a new calendar year and two months are made available for trading. 498:
crude oil was added in 2002, Ekofisk crude oil was added in 2007, and Troll crude oil was added in 2018 to Brent crude oil pricing basket. Moreover, the different grades in the "Brent basket" are priced different. For example, Ekofisk, Oseberg, and Troll crude oil grades have a quality premium over Brent crude oil grades, while Forties have a price discount for high sulphur content. Brent prices usually reflect the cheapest or the most competitive physical crude oil in the above basket, which means that Brent prices usually reflect prices for Forties crude oil. These quality changes to Brent Crude oil directly affect the premium or discount between what refiners would pay for WTI and Brent crude oil.
52: 64: 447:, which had been transporting oil from the Gulf Coast to Cushing, reversed its flow direction, to transport WTI-priced crude to the Gulf Coast, where it received Brent prices. The price difference persisted, however, and was large enough that some oil producers in North Dakota put their oil on tanker cars, and shipped it by rail to the Gulf and East Coast, where it received Brent prices. Brent continued to trade $ 10–20 higher than WTI for two years, until June 2013. 255:, compiled assessment prices of WTI based on prices of spot transactions starting in 1981. Eligible spot transaction prices at Cushing, Oklahoma, is typically reported as WTI, while eligible spot transactions at Midland, Texas, and Houston, Texas (at the MEH Terminal) are reported as WTI Midland, and WTI Houston respectively. The development of WTI spot and futures markets led crude oil producers around the world to use assessed WTI prices as a 165:, could be said to define WTI oil, but as local production declined, pipelines into those areas began to deliver crude oil of other grades, produced and blended elsewhere, which were also accepted as WTI. The WTI futures contract formalized this relationship by specifying that the deliverable asset for the contract could be a blend of crude oil, as long as it was of acceptable lightness and sweetness. Crude oil lightness is characterized by 392: 3160: 297:, which was discovered in 1912, and dominated U.S. oil production for several years. The area became a "vital transhipment point with many intersecting pipelines, storage facilities, and easy access to refiners and suppliers," infrastructure which remained after the Cushing field had declined in importance. Crude oil flows "inbound to Cushing from all directions and outbound through dozens of pipelines". It is in 314:
acceptance of oil futures contracts and related derivatives as financial assets. Demand from these investors and general financial innovation created inexpensive access to financial instruments related to oil futures contracts, such as options, index funds, and exchange-traded funds. As part of wave of investor interest, WTI crude oil futures prices (as well as Brent Crude oil prices) are included in both the
494:; also referred to as BFOET), a higher proportion of that oil production is consumed by local European refiners, and both a lesser proportion and a lesser absolute amount of that oil production can be exported to the US. During periods when WTI trades at a premium to Brent crude, declining Brent crude production pushes up that premium as traders cannot source supplies to sell into the US for a profit. 31: 510: 161:, WTI crude oil is not from any specific oil fields. Rather, WTI is described (for example by the Alberta Government) as "light sweet oil traded and delivered at Cushing, Oklahoma" (with WTI Midland and WTI Houston crude oil defined similarly for Midland, Texas, and Houston, Texas respectively). Historically, local trade between oilfield production and refineries around Midland, Texas, and 39: 524: 259:. For example, in 2008, Saudi Arabia, Kuwait, Iraq, Colombia, and Ecuador based their crude oil selling prices on either the Platts WTI Mnth 1 index or the Platts WTI Mnth 2 index (the assessed prices of transactions with delivery in the next deliverable month or the second deliverable month). Subsequently, Saudi Arabia, Kuwait, and Iraq started using the 383:. Assess WTI prices were affected, and the WTI spot price dropped to -$ 36.98 on April 20. At the same time, Mars crude oil produced in the US Gulf Coast (USGC) settled at -$ 26.63, and Middle East exporters who uses ASCI (of which Mars is a component) as the selling price benchmark had to settle for negative prices that day. 292:
is a major trading hub for crude oil and has been the delivery point for crude contracts and therefore the price settlement point for West Texas Intermediate on the New York Mercantile Exchange for over three decades. The town of Cushing, Oklahoma is a small, remote place with only 7,826 inhabitants
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WTI futures contracts are tied to physical deliveries into the physical spot WTI market, so WTI futures contract prices should converge to physical spot WTI market conditions and prices. But since deliveries made to settle an expiring WTI futures contract are also physical spot WTI transactions that
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For financial investors without oil storage, purchasing the shortest maturity futures contract and then rolling to the next contract priory to expiry offered the closest approximation to investing in physical oil prices. However, financial markets are much larger than oil markets, and investor flows
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As well, participants in the Brent crude market compensates for declining North Sea production by associating additional oilfields and different quality crude production into the definition of Brent crude, which affects the quality differential between Brent and WTI crude oils. Forties and Oseberg
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freight cost rates could be highly volatile, due to circular dependence on fuel oil prices and ultimately crude prices, to demand for oil tankers to serve non-USGC non-North-Sea trade routes (especially to China), and to demand for using oil tankers as floating storage for crude oil. From 2000 to
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In February 2011, WTI was trading around $ 85/barrel while Brent was at $ 103/barrel. The reason most cited for this difference was that Cushing had reached capacity due to a surplus of oil in the interior of North America. At the same time, Brent moved up in reaction to civil unrest in Egypt and
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in the 2010s it has been traded at a discount against Brent crude oil. Both the volatility of the WTI/Brent premium/discount, as well as its reversal from premium to discount in 2011, are studied and monitored by market participants as indicators for the functioning of WTI and Brent Crude as oil
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The Platts and Argus API and sulfur measurements are descriptions of WTI as assessed, while the NYMEX WTI futures contract characterization is a requirement for WTI crude oil delivery to the contract. WTI crude oil will typically satisfy the WTI futures contract requirements and be close to the
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The US governmental decontrol of oil prices on January 28, 1981, marked the beginning of the physical WTI Crude Oil spot market. Under the previous US Emergency Petroleum Allocation Act of 1973, WTI crude oil traded under a variety of spot prices split into various categories set by the price
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Starting in 2003, an influx of traders from outside of the oil industry begun to participate in oil futures and other commodities futures markets. These market participants, which includes hedge funds, pension funds, insurance companies, and retail investors, were motivated by the increasing
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can be included into PRA assessed prices, abnormal futures contract transactions could drive WTI spot prices and assessed prices. This was the case on April 20, 2020, when WTI futures contract trading drove both assessed WTI and ASCI prices to negative territories.
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of crude oil prices after the US oil price decontrol led to the development of the NYMEX WTI Light Sweet Crude Oil futures contract in 1983. The NYMEX Crude Oil contract trades under the symbol CL on the New York Mercantile Exchange, now part of
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To the extent that price difference between WTI and Brent crude entice traders to ship WTI to North Sea refineries or ship Brent to US Gulf Cost refineries, the premium/discount between WTI and Brent crude must reflect
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Premiums/discounts between WTI and Brent crude also reflects declining crude oil production priced under Brent crude prices. As crude production declines from depletion in Brent crude associated North Sea oilfields
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content. Measurements of lightness and sweetness of WTI changes depending on the particular light and sweet oil traded at Cushing at the time of the measurement, and even the particular measurement methodology.
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as their price index in 2009, but the ASCI index itself is priced in relation to WTI futures with a differential, which imply those countries still effectively benchmark their crude oil selling prices to WTI.
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On April 20, 2020, WTI's May contract closed at -$ 37.63/barrel while the June contract closed at positive $ 20.43/barrel. Prices mainly dropped due to the
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in bringing the two prices back to parity. Oil prices at coastal areas of the United States were closer to Brent than to WTI. In June 2012, the
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across the Middle East. Since WTI-priced stockpiles at Cushing could not easily be transported to the Gulf Coast, WTI crude was unable to be
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price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the
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2009, oil tanker freight rates represented a substantial contributor to the WTI premium over Brent crude.
298: 260: 735: 2995: 2437: 2420: 2354: 2116: 1983: 1936: 1909: 1751: 1703: 1597: 1534: 1434: 896: 865: 834: 697: 611: 420: 256: 140: 109: 51: 2037: 2892: 2562: 2324: 2206: 2032: 2005: 1988: 1914: 1746: 273: 3040: 2985: 2912: 2801: 2613: 2531: 2211: 2077: 1634:– Part of the U.S. Department of Energy, official source of price and other statistical information 1380: 339: 2887: 2309: 1919: 1819: 1677: 577: 3035: 2163: 2138: 1941: 1926: 1410:"Spot Crude Oil Price: West Texas Intermediate (WTI)/Crude Oil Prices: Brent - Europe (1987–)" 649: 487: 483: 368: 323: 294: 289: 162: 63: 2862: 2583: 2186: 2104: 2022: 1860: 1741: 641: 479: 376: 327: 3095: 3085: 2827: 2578: 2467: 2393: 2196: 2191: 2121: 2089: 2000: 1716: 1518: 1498: 1310: 1289: 1235: 491: 444: 335: 113: 119:
The price of WTI is often included in news reports on oil prices, alongside the price of
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Historically, WTI has generally traded at a premium to Brent before 2011, but since the
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began to dominate oil producers' hedging needs and moved the oil futures market into
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Oil prices fall to historic lows, as West Texas crude futures drop to negative $ 37
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Spot price of West Texas intermediate in relation to the price of Brent crude
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Historic day for oil markets as WTI crude crashes below zero for first time
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U.S. Oil Prices Settle In Negative Territory For First Time In Epic Rout
2738: 2728: 2608: 2603: 2518: 1327:"News vs. Noise: Understanding the Meaning Behind Negative Oil Prices" 1199:"The Role of Speculation in Oil Markets: What Have We Learned So Far?" 1072:"The Role of Speculation in Oil Markets: What Have We Learned So Far?" 3055: 2942: 2927: 2917: 2877: 2791: 1646: 248: 170: 989: 2837: 2811: 2781: 2743: 2683: 2678: 2673: 390: 1252:"US Oil Prices are on Track for Their Worst Day Ever: Here's Why" 3065: 3005: 2758: 2236: 1256: 322:
commodity index, which are benchmark indices widely followed in
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Global adoption of WTI assessed prices as oil benchmark prices
810:"Methodology and specifications guide: Argus Americas Crude" 2526: 1015:"Census Viewer:Population of the City of Cushing, Oklahoma" 1631: 1512:
Price difference between WTI and Brent Crude oil narrowing
1137:. S&P Dow Jones Indices. S&P Global. p. 26. 1103:"Bloomberg Commodity Index 2020 Target Weights Announced" 346:
Effect of futures contract trading on physical WTI market
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WTI crude oil lightness and sweetness characterizations
1204:. The Oxford Institute for Energy Studies. p. 15. 1572:. The Oxford Institute for Energy Studies. p. 3. 1567:"Changes to the 'Dated Brent' benchmark: More to come" 1077:. The Oxford Institute for Energy Studies. p. 3. 927: 925: 923: 27:
Grade of crude oil used as a benchmark in oil pricing
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International Association of Oil & Gas Producers
667:"Not All Oil is Equal: Explaining Price Differences" 3104: 2970: 2820: 2772: 2560: 2517: 2502: 2493: 2378: 2295: 2177: 2063: 1957: 1885: 1828: 1787: 1780: 1702: 75:
West Texas Intermediate oil price history 1946–2022
939:. Oxford Institute for Energy Studies. p. 3. 1197:Fattouh, Bassam; Kilian, Lutz; Mahadeva, Lavan. 1160: 1158: 1070:Fattouh, Bassam; Kilian, Lutz; Mahadeva, Lavan. 646:Historical Dictionary of the Petroleum Industry 377:pushed prices downwards into negative territory 309:Adoption of WTI futures for investment purposes 1529: 1527: 230:Platts and Argus assessed values at the time. 1662: 1469:. Oxford Energy Forum May 2011. p. 110. 804: 802: 800: 578:"Crude Oil Prices – 70 Year Historical Chart" 387:Pricing premium/discount in relation to Brent 8: 1540:. Purvin & Gertz Inc. pp. 110–112. 736:"Chapter 200: Light Sweet Crude Oil Futures" 2514: 2499: 1784: 1669: 1655: 1647: 1598:"The Role of WTI as a Crude Oil Benchmark" 1535:"The Role of WTI as a Crude Oil Benchmark" 1435:"The Role of WTI as a Crude Oil Benchmark" 897:"The Role of WTI as a Crude Oil Benchmark" 866:"The Role of WTI as a Crude Oil Benchmark" 840:. Purvin & Gertz Inc. pp. 24–27. 835:"The Role of WTI as a Crude Oil Benchmark" 730: 728: 726: 724: 698:"The Role of WTI as a Crude Oil Benchmark" 612:"The Role of WTI as a Crude Oil Benchmark" 469:Brent crude production and trading factors 774:"Specifications guide Americas crude oil" 247:Price Reporting Agencies (PRAs), such as 1358:. US Energy Information Administration. 1167:"The Rise of Retail and the Fall of WTI" 768: 766: 764: 762: 606: 604: 602: 600: 598: 176: 92:; the term is also used to refer to the 37: 29: 2589:China National Offshore Oil Corporation 1638:West Texas Intermediate (WTI) (WTISPLC) 1603:. Purvin & Gertz Inc. p. 113. 1440:. Purvin & Gertz Inc. p. 110. 1246: 1244: 1172:. Oxford Institute for Energy Studies. 569: 379:. This situation is an extreme case of 2463:Unconventional (oil and gas) reservoir 2222:2020 Russia–Saudi Arabia oil price war 1632:U.S. Energy Information Administration 1510:US Energy Information Administration, 902:. Purvin & Gertz Inc. p. 96. 871:. Purvin & Gertz Inc. p. 95. 617:. Purvin & Gertz Inc. p. 24. 234:Development of the physical WTI market 703:. Purvin & Gertz Inc. p. 7. 186:NYMEX WTI futures contract (May 2020) 104:. The WTI oil grade is also known as 7: 2594:China National Petroleum Corporation 268:NYMEX WTI Crude Oil futures contract 102:New York Mercantile Exchange (NYMEX) 1490:Energy Information Administration, 1264:from the original on April 20, 2020 1105:. Bloomberg Professional Services. 363:WTI Negative Pricing April 20, 2020 116:because of its low sulfur content. 57:Price of oil adjusted for inflation 2654:National Iranian South Oil Company 2370:Western Canadian Sedimentary Basin 965:"Crude Oil Futures Contract Specs" 25: 3122:Intercontinental Exchange Futures 3011:Chicago Bridge & Iron Company 2664:Oil & Gas Development Company 932:Fattouh, Bassam; Imsirovic, Adi. 153:Oil industry in Cushing, Oklahoma 3159: 3158: 1356:"Cushing, OK WTI Spot Price FOB" 522: 508: 192:Argus WTI Assessment (Mar 2020) 189:Platts WTI assessment (May 2020) 62: 50: 2669:Oil and Natural Gas Corporation 1640:, time series from 1946 at the 1610:from the original on 2020-09-21 1579:from the original on 2020-06-25 1547:from the original on 2020-09-21 1473:from the original on 2023-11-01 1447:from the original on 2020-09-21 1416:from the original on 2020-05-12 1391:from the original on 2020-04-17 1362:from the original on 2020-06-09 1337:from the original on 2020-09-23 1211:from the original on 2020-09-23 1179:from the original on 2020-05-27 1144:from the original on 2014-11-14 1113:from the original on 2020-06-03 1084:from the original on 2020-09-23 996:from the original on 2009-09-25 990:"Light Sweet Crude Oil Futures" 971:from the original on 2020-06-12 946:from the original on 2020-07-27 909:from the original on 2020-09-21 878:from the original on 2020-09-21 847:from the original on 2020-09-21 816:from the original on 2021-01-26 786:from the original on 2020-04-22 748:from the original on 2020-05-28 710:from the original on 2020-09-21 679:from the original on 2023-03-15 648:. Lanham, MD: Scarecrow Press. 624:from the original on 2020-09-21 584:from the original on 2022-04-18 3195:Petroleum in the United States 3137:Society of Petroleum Engineers 2908:Port Harcourt Refining Company 2574:Abu Dhabi National Oil Company 147:WTI crude oil as a trade grade 1: 2083:Production sharing agreements 1492:Rail delivery of US Petroleum 934:"Oil Benchmarks Under Stress" 779:. S&P Global. p. 6. 408: West Texas Intermediate 261:Argus Sour Crude Index (ASCI) 169:, and crude oil sweetness by 3117:Canadian petroleum companies 3112:American Petroleum Institute 2649:National Iranian Oil Company 2634:Kuwait Petroleum Corporation 3132:International Energy Agency 2117:Enhanced oil recovery (EOR) 1045:. CME Group. Archived from 279:Chicago Mercantile Exchange 42:WTI crude oil price (daily) 3211: 2719:PTT Public Company Limited 2320:East Midlands Oil Province 2305:List of natural gas fields 1905:Integrated asset modelling 1467:"WTI and Brent Benchmarks" 1132:"S&P GSCI Methodology" 543:List of crude oil products 418: 412: 217:Below 0.42% sulfur content 200:Between 37 and 42 degrees 150: 3154: 3091:Weatherford International 2624:Iraq National Oil Company 1684: 1381:"Friction in oil markets" 1238:Investor's Daily Business 672:. Government of Alberta. 538:Dubai Mercantile Exchange 316:Bloomberg Commodity Index 285:Futures contract delivery 558:Petroleum classification 257:benchmark in oil pricing 206:41.4 degrees API gravity 110:benchmark in oil pricing 3142:World Petroleum Council 3016:China Oilfield Services 2073:Petroleum fiscal regime 1772:Western Canadian Select 1767:West Texas Intermediate 1314:The Dallas Morning News 1293:Financial Post Business 332:institutional investors 209:40 degrees API gravity 88:) is a grade or mix of 82:West Texas Intermediate 2619:Indian Oil Corporation 2105:Submersible pump (ESP) 2050:Underbalanced drilling 1871:of gasoline and diesel 410: 299:Payne County, Oklahoma 69:Price of oil (nominal) 43: 35: 2996:Cameron International 2438:Petrodollar recycling 2421:fossil fuel phase-out 1984:Differential sticking 1937:Reflection seismology 1910:Petroleum engineering 1752:OPEC Reference Basket 421:OPEC Reference Basket 394: 151:Further information: 141:OPEC reference basket 41: 33: 3185:Benchmark crude oils 2893:Occidental Petroleum 2207:1990 oil price shock 2033:Shale oil extraction 2006:Drilling engineering 1989:Directional drilling 1915:Reservoir simulation 451:Freight rate factors 3041:Naftiran Intertrade 2986:Amec Foster Wheeler 2913:Reliance Industries 2802:Naftiran Intertrade 2614:Hindustan Petroleum 2212:2000s energy crisis 1331:advice.epwealth.com 179: 2888:Marathon Petroleum 2310:List of oil fields 1920:Reservoir modeling 1678:Petroleum industry 1517:2014-12-13 at the 1497:2013-07-16 at the 1309:2020-04-20 at the 1288:2020-04-20 at the 1260:. April 20, 2020. 1234:2022-12-24 at the 430:price benchmarks. 411: 177: 127:. Other important 44: 36: 3172: 3171: 3150: 3149: 3036:Nabors Industries 2966: 2965: 2164:Well intervention 2139:Petroleum product 2038:Ljungström method 1942:Seismic inversion 1927:Petroleum geology 1881: 1880: 1465:Morse, Edward L. 1165:Bouchouev, Ilia. 434:US supply factors 369:COVID-19 pandemic 324:financial markets 295:Cushing Oil Field 290:Cushing, Oklahoma 227: 226: 163:Cushing, Oklahoma 106:Texas light sweet 16:(Redirected from 3202: 3190:Economy of Texas 3162: 3161: 2863:Hess Corporation 2584:Bharat Petroleum 2515: 2500: 2187:1967 Oil Embargo 2023:Lost circulation 1861:Posted oil price 1785: 1742:Isthmus-34 Light 1671: 1664: 1657: 1648: 1619: 1618: 1616: 1615: 1609: 1602: 1594: 1588: 1587: 1585: 1584: 1578: 1571: 1565:Imsirovic, Adi. 1562: 1556: 1555: 1553: 1552: 1546: 1539: 1531: 1522: 1508: 1502: 1488: 1482: 1481: 1479: 1478: 1462: 1456: 1455: 1453: 1452: 1446: 1439: 1431: 1425: 1424: 1422: 1421: 1406: 1400: 1399: 1397: 1396: 1377: 1371: 1370: 1368: 1367: 1352: 1346: 1345: 1343: 1342: 1325:Phillips, Adam. 1322: 1316: 1301: 1295: 1280: 1274: 1273: 1271: 1269: 1248: 1239: 1226: 1220: 1219: 1217: 1216: 1210: 1203: 1194: 1188: 1187: 1185: 1184: 1178: 1171: 1162: 1153: 1152: 1150: 1149: 1143: 1136: 1128: 1122: 1121: 1119: 1118: 1099: 1093: 1092: 1090: 1089: 1083: 1076: 1067: 1061: 1060: 1058: 1057: 1051: 1044: 1036: 1030: 1029: 1027: 1026: 1017:. Archived from 1011: 1005: 1004: 1002: 1001: 986: 980: 979: 977: 976: 961: 955: 954: 952: 951: 945: 938: 929: 918: 917: 915: 914: 908: 901: 893: 887: 886: 884: 883: 877: 870: 862: 856: 855: 853: 852: 846: 839: 831: 825: 824: 822: 821: 806: 795: 794: 792: 791: 785: 778: 770: 757: 756: 754: 753: 747: 740: 732: 719: 718: 716: 715: 709: 702: 694: 688: 687: 685: 684: 678: 671: 663: 657: 642:Marius Vassiliou 639: 633: 632: 630: 629: 623: 616: 608: 593: 592: 590: 589: 574: 532: 527: 526: 525: 518: 513: 512: 407: 398: 336:investment funds 180: 66: 54: 21: 3210: 3209: 3205: 3204: 3203: 3201: 3200: 3199: 3175: 3174: 3173: 3168: 3146: 3100: 3096:John Wood Group 3086:Valaris Limited 2979: 2976: 2973: 2962: 2828:APA Corporation 2816: 2768: 2567: 2564: 2556: 2511: 2508: 2505: 2495: 2489: 2390:Classification 2374: 2297: 2291: 2227:Nationalization 2197:1979 oil crisis 2192:1973 oil crisis 2173: 2159:Water injection 2127:Steam injection 2122:Gas reinjection 2090:Artificial lift 2059: 2001:Drill stem test 1953: 1877: 1824: 1776: 1698: 1680: 1675: 1628: 1623: 1622: 1613: 1611: 1607: 1600: 1596: 1595: 1591: 1582: 1580: 1576: 1569: 1564: 1563: 1559: 1550: 1548: 1544: 1537: 1533: 1532: 1525: 1521:, 28 June 2013. 1519:Wayback Machine 1509: 1505: 1501:, 10 July 2013. 1499:Wayback Machine 1489: 1485: 1476: 1474: 1464: 1463: 1459: 1450: 1448: 1444: 1437: 1433: 1432: 1428: 1419: 1417: 1408: 1407: 1403: 1394: 1392: 1379: 1378: 1374: 1365: 1363: 1354: 1353: 1349: 1340: 1338: 1324: 1323: 1319: 1311:Wayback Machine 1302: 1298: 1290:Wayback Machine 1281: 1277: 1267: 1265: 1250: 1249: 1242: 1236:Wayback Machine 1227: 1223: 1214: 1212: 1208: 1201: 1196: 1195: 1191: 1182: 1180: 1176: 1169: 1164: 1163: 1156: 1147: 1145: 1141: 1134: 1130: 1129: 1125: 1116: 1114: 1101: 1100: 1096: 1087: 1085: 1081: 1074: 1069: 1068: 1064: 1055: 1053: 1049: 1042: 1038: 1037: 1033: 1024: 1022: 1013: 1012: 1008: 999: 997: 988: 987: 983: 974: 972: 963: 962: 958: 949: 947: 943: 936: 931: 930: 921: 912: 910: 906: 899: 895: 894: 890: 881: 879: 875: 868: 864: 863: 859: 850: 848: 844: 837: 833: 832: 828: 819: 817: 812:. Argus Media. 808: 807: 798: 789: 787: 783: 776: 772: 771: 760: 751: 749: 745: 738: 734: 733: 722: 713: 711: 707: 700: 696: 695: 691: 682: 680: 676: 669: 665: 664: 660: 640: 636: 627: 625: 621: 614: 610: 609: 596: 587: 585: 576: 575: 571: 566: 528: 523: 521: 514: 507: 504: 471: 460:freight costs. 453: 445:Seaway Pipeline 436: 423: 417: 409: 405: 403: 396: 389: 365: 348: 311: 287: 270: 245: 236: 183:Characteristics 155: 149: 79: 78: 77: 76: 72: 71: 70: 67: 59: 58: 55: 28: 23: 22: 15: 12: 11: 5: 3208: 3206: 3198: 3197: 3192: 3187: 3177: 3176: 3170: 3169: 3167: 3166: 3155: 3152: 3151: 3148: 3147: 3145: 3144: 3139: 3134: 3129: 3124: 3119: 3114: 3108: 3106: 3102: 3101: 3099: 3098: 3093: 3088: 3083: 3078: 3073: 3068: 3063: 3058: 3053: 3048: 3043: 3038: 3033: 3028: 3023: 3018: 3013: 3008: 3003: 2998: 2993: 2988: 2982: 2980: 2971: 2968: 2967: 2964: 2963: 2961: 2960: 2955: 2950: 2945: 2940: 2935: 2933:Surgutneftegas 2930: 2925: 2920: 2915: 2910: 2905: 2900: 2895: 2890: 2885: 2880: 2875: 2870: 2865: 2860: 2855: 2853:Eneos Holdings 2850: 2845: 2843:ConocoPhillips 2840: 2835: 2833:Cenovus Energy 2830: 2824: 2822: 2818: 2817: 2815: 2814: 2809: 2804: 2799: 2794: 2789: 2784: 2778: 2776: 2774:Energy trading 2770: 2769: 2767: 2766: 2761: 2756: 2751: 2746: 2741: 2736: 2731: 2726: 2721: 2716: 2711: 2706: 2701: 2696: 2691: 2686: 2681: 2676: 2671: 2666: 2661: 2656: 2651: 2646: 2641: 2636: 2631: 2626: 2621: 2616: 2611: 2606: 2601: 2596: 2591: 2586: 2581: 2576: 2570: 2568: 2561: 2558: 2557: 2555: 2554: 2549: 2544: 2539: 2534: 2529: 2523: 2521: 2512: 2503: 2497: 2491: 2490: 2488: 2487: 2486: 2485: 2480: 2475: 2470: 2460: 2458:Swing producer 2455: 2450: 2445: 2440: 2435: 2430: 2429: 2428: 2423: 2413: 2408: 2403: 2402: 2401: 2396: 2388: 2382: 2380: 2376: 2375: 2373: 2372: 2367: 2362: 2357: 2352: 2347: 2342: 2337: 2332: 2330:Gulf of Mexico 2327: 2322: 2317: 2312: 2307: 2301: 2299: 2293: 2292: 2290: 2289: 2284: 2279: 2274: 2269: 2264: 2259: 2254: 2249: 2244: 2239: 2234: 2229: 2224: 2219: 2217:2010s oil glut 2214: 2209: 2204: 2202:1980s oil glut 2199: 2194: 2189: 2183: 2181: 2175: 2174: 2172: 2171: 2166: 2161: 2156: 2151: 2146: 2141: 2136: 2131: 2130: 2129: 2124: 2114: 2109: 2108: 2107: 2102: 2097: 2087: 2086: 2085: 2080: 2069: 2067: 2061: 2060: 2058: 2057: 2052: 2047: 2042: 2041: 2040: 2030: 2025: 2020: 2019: 2018: 2011:Drilling fluid 2008: 2003: 1998: 1997: 1996: 1986: 1981: 1980: 1979: 1969: 1963: 1961: 1955: 1954: 1952: 1951: 1949:Seismic source 1946: 1945: 1944: 1934: 1929: 1924: 1923: 1922: 1917: 1907: 1902: 1897: 1891: 1889: 1883: 1882: 1879: 1878: 1876: 1875: 1874: 1873: 1863: 1858: 1853: 1848: 1843: 1838: 1832: 1830: 1826: 1825: 1823: 1822: 1817: 1812: 1807: 1802: 1797: 1791: 1789: 1782: 1778: 1777: 1775: 1774: 1769: 1764: 1759: 1754: 1749: 1747:Japan Cocktail 1744: 1739: 1734: 1729: 1724: 1719: 1714: 1708: 1706: 1700: 1699: 1697: 1696: 1694:Primary energy 1691: 1685: 1682: 1681: 1676: 1674: 1673: 1666: 1659: 1651: 1645: 1644: 1635: 1627: 1626:External links 1624: 1621: 1620: 1589: 1557: 1523: 1503: 1483: 1457: 1426: 1401: 1372: 1347: 1317: 1296: 1275: 1240: 1221: 1189: 1154: 1123: 1094: 1062: 1031: 1006: 981: 956: 919: 888: 857: 826: 796: 758: 720: 689: 658: 634: 594: 568: 567: 565: 562: 561: 560: 555: 550: 545: 540: 534: 533: 519: 503: 500: 470: 467: 452: 449: 435: 432: 427:shale oil boom 413:Main article: 404: 395: 388: 385: 364: 361: 347: 344: 310: 307: 286: 283: 269: 266: 244: 241: 235: 232: 225: 224: 221: 218: 215: 211: 210: 207: 204: 198: 194: 193: 190: 187: 184: 148: 145: 135:, Oman crude, 74: 73: 68: 61: 60: 56: 49: 48: 47: 46: 45: 26: 24: 14: 13: 10: 9: 6: 4: 3: 2: 3207: 3196: 3193: 3191: 3188: 3186: 3183: 3182: 3180: 3165: 3157: 3156: 3153: 3143: 3140: 3138: 3135: 3133: 3130: 3128: 3125: 3123: 3120: 3118: 3115: 3113: 3110: 3109: 3107: 3103: 3097: 3094: 3092: 3089: 3087: 3084: 3082: 3079: 3077: 3074: 3072: 3069: 3067: 3064: 3062: 3059: 3057: 3054: 3052: 3049: 3047: 3044: 3042: 3039: 3037: 3034: 3032: 3029: 3027: 3024: 3022: 3019: 3017: 3014: 3012: 3009: 3007: 3004: 3002: 2999: 2997: 2994: 2992: 2989: 2987: 2984: 2983: 2981: 2978: 2969: 2959: 2958:Valero Energy 2956: 2954: 2951: 2949: 2946: 2944: 2941: 2939: 2936: 2934: 2931: 2929: 2926: 2924: 2923:Suncor Energy 2921: 2919: 2916: 2914: 2911: 2909: 2906: 2904: 2901: 2899: 2896: 2894: 2891: 2889: 2886: 2884: 2881: 2879: 2876: 2874: 2871: 2869: 2866: 2864: 2861: 2859: 2856: 2854: 2851: 2849: 2846: 2844: 2841: 2839: 2836: 2834: 2831: 2829: 2826: 2825: 2823: 2819: 2813: 2810: 2808: 2805: 2803: 2800: 2798: 2795: 2793: 2790: 2788: 2785: 2783: 2780: 2779: 2777: 2775: 2771: 2765: 2762: 2760: 2757: 2755: 2752: 2750: 2747: 2745: 2742: 2740: 2737: 2735: 2732: 2730: 2727: 2725: 2722: 2720: 2717: 2715: 2712: 2710: 2707: 2705: 2702: 2700: 2697: 2695: 2692: 2690: 2687: 2685: 2682: 2680: 2677: 2675: 2672: 2670: 2667: 2665: 2662: 2660: 2657: 2655: 2652: 2650: 2647: 2645: 2642: 2640: 2637: 2635: 2632: 2630: 2627: 2625: 2622: 2620: 2617: 2615: 2612: 2610: 2607: 2605: 2602: 2600: 2597: 2595: 2592: 2590: 2587: 2585: 2582: 2580: 2577: 2575: 2572: 2571: 2569: 2566: 2559: 2553: 2552:TotalEnergies 2550: 2548: 2545: 2543: 2540: 2538: 2535: 2533: 2530: 2528: 2525: 2524: 2522: 2520: 2516: 2513: 2510: 2501: 2498: 2496:organisations 2494:Companies and 2492: 2484: 2481: 2479: 2476: 2474: 2471: 2469: 2466: 2465: 2464: 2461: 2459: 2456: 2454: 2451: 2449: 2446: 2444: 2441: 2439: 2436: 2434: 2433:Petrocurrency 2431: 2427: 2424: 2422: 2419: 2418: 2417: 2414: 2412: 2409: 2407: 2406:Oil shale gas 2404: 2400: 2397: 2395: 2392: 2391: 2389: 2387: 2386:Abbreviations 2384: 2383: 2381: 2377: 2371: 2368: 2366: 2363: 2361: 2358: 2356: 2353: 2351: 2348: 2346: 2345:Permian Basin 2343: 2341: 2338: 2336: 2333: 2331: 2328: 2326: 2323: 2321: 2318: 2316: 2313: 2311: 2308: 2306: 2303: 2302: 2300: 2294: 2288: 2285: 2283: 2282:United States 2280: 2278: 2275: 2273: 2270: 2268: 2265: 2263: 2260: 2258: 2255: 2253: 2250: 2248: 2245: 2243: 2242:Seven Sisters 2240: 2238: 2235: 2233: 2230: 2228: 2225: 2223: 2220: 2218: 2215: 2213: 2210: 2208: 2205: 2203: 2200: 2198: 2195: 2193: 2190: 2188: 2185: 2184: 2182: 2180: 2176: 2170: 2167: 2165: 2162: 2160: 2157: 2155: 2152: 2150: 2147: 2145: 2142: 2140: 2137: 2135: 2132: 2128: 2125: 2123: 2120: 2119: 2118: 2115: 2113: 2110: 2106: 2103: 2101: 2098: 2096: 2093: 2092: 2091: 2088: 2084: 2081: 2079: 2076: 2075: 2074: 2071: 2070: 2068: 2066: 2062: 2056: 2053: 2051: 2048: 2046: 2043: 2039: 2036: 2035: 2034: 2031: 2029: 2026: 2024: 2021: 2017: 2014: 2013: 2012: 2009: 2007: 2004: 2002: 1999: 1995: 1992: 1991: 1990: 1987: 1985: 1982: 1978: 1975: 1974: 1973: 1970: 1968: 1965: 1964: 1962: 1960: 1956: 1950: 1947: 1943: 1940: 1939: 1938: 1935: 1933: 1930: 1928: 1925: 1921: 1918: 1916: 1913: 1912: 1911: 1908: 1906: 1903: 1901: 1898: 1896: 1895:Core sampling 1893: 1892: 1890: 1888: 1884: 1872: 1869: 1868: 1867: 1864: 1862: 1859: 1857: 1854: 1852: 1849: 1847: 1844: 1842: 1839: 1837: 1834: 1833: 1831: 1827: 1821: 1818: 1816: 1813: 1811: 1808: 1806: 1803: 1801: 1798: 1796: 1793: 1792: 1790: 1786: 1783: 1779: 1773: 1770: 1768: 1765: 1763: 1760: 1758: 1755: 1753: 1750: 1748: 1745: 1743: 1740: 1738: 1735: 1733: 1732:Indian Basket 1730: 1728: 1725: 1723: 1720: 1718: 1715: 1713: 1710: 1709: 1707: 1705: 1701: 1695: 1692: 1690: 1687: 1686: 1683: 1679: 1672: 1667: 1665: 1660: 1658: 1653: 1652: 1649: 1643: 1642:St. Louis Fed 1639: 1636: 1633: 1630: 1629: 1625: 1606: 1599: 1593: 1590: 1575: 1568: 1561: 1558: 1543: 1536: 1530: 1528: 1524: 1520: 1516: 1513: 1507: 1504: 1500: 1496: 1493: 1487: 1484: 1472: 1468: 1461: 1458: 1443: 1436: 1430: 1427: 1415: 1411: 1405: 1402: 1390: 1386: 1382: 1376: 1373: 1361: 1357: 1351: 1348: 1336: 1332: 1328: 1321: 1318: 1315: 1312: 1308: 1305: 1300: 1297: 1294: 1291: 1287: 1284: 1279: 1276: 1263: 1259: 1258: 1253: 1247: 1245: 1241: 1237: 1233: 1230: 1225: 1222: 1207: 1200: 1193: 1190: 1175: 1168: 1161: 1159: 1155: 1140: 1133: 1127: 1124: 1112: 1109:. Bloomberg. 1108: 1107:Bloomberg L.p 1104: 1098: 1095: 1080: 1073: 1066: 1063: 1052:on 2013-05-20 1048: 1041: 1035: 1032: 1021:on 2013-06-15 1020: 1016: 1010: 1007: 995: 991: 985: 982: 970: 967:. CME Group. 966: 960: 957: 942: 935: 928: 926: 924: 920: 905: 898: 892: 889: 874: 867: 861: 858: 843: 836: 830: 827: 815: 811: 805: 803: 801: 797: 782: 775: 769: 767: 765: 763: 759: 744: 741:. CME Group. 737: 731: 729: 727: 725: 721: 706: 699: 693: 690: 675: 668: 662: 659: 655: 654:0-8108-5993-9 651: 647: 643: 638: 635: 620: 613: 607: 605: 603: 601: 599: 595: 583: 579: 573: 570: 563: 559: 556: 554: 551: 549: 546: 544: 541: 539: 536: 535: 531: 520: 517: 516:Energy portal 511: 506: 501: 499: 495: 493: 489: 485: 481: 477: 468: 466: 463: 459: 450: 448: 446: 442: 433: 431: 428: 422: 416: 402: 393: 386: 384: 382: 378: 374: 370: 362: 360: 356: 354: 345: 343: 341: 337: 333: 329: 325: 321: 317: 308: 306: 304: 303:United States 300: 296: 291: 284: 282: 280: 275: 267: 265: 262: 258: 254: 250: 242: 240: 233: 231: 223:0.40% sulfur 222: 219: 216: 213: 212: 208: 205: 203: 199: 196: 195: 191: 188: 185: 182: 181: 175: 172: 168: 164: 160: 154: 146: 144: 142: 138: 134: 130: 126: 122: 117: 115: 111: 107: 103: 99: 95: 91: 87: 83: 65: 53: 40: 32: 19: 3061:Schlumberger 2991:Baker Hughes 2883:Marathon Oil 2873:Imperial Oil 2868:Husky Energy 2858:Galp Energia 2848:Devon Energy 2734:Saudi Aramco 2714:Petrovietnam 2659:NNPC Limited 2563:National oil 2443:Petrofiction 2411:Orphan wells 2379:Other topics 2350:Persian Gulf 2277:Saudi Arabia 2247:Standard Oil 2055:Well logging 1932:Petrophysics 1766: 1612:. 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Retrieved 572: 530:Texas portal 496: 472: 454: 437: 424: 415:Price of oil 373:market power 366: 357: 349: 320:S&P GSCI 312: 288: 271: 246: 237: 228: 220:0.37% sulfur 156: 131:include the 118: 105: 85: 81: 80: 3031:Halliburton 2903:Phillips 66 2724:QatarEnergy 2694:Petrobangla 2629:KazMunayGas 2519:Supermajors 2468:heavy crude 2355:Prudhoe Bay 2335:Niger Delta 2315:Caspian Sea 2078:Concessions 2028:Measurement 1994:Geosteering 1977:Squeeze job 1887:Exploration 1836:Consumption 1795:Consumption 1788:Natural gas 1717:Bonny Light 548:Petrobourse 401:Brent Crude 253:Argus Media 202:API gravity 167:oil gravity 159:Brent Crude 133:Dubai crude 129:oil markers 121:Brent crude 96:price, the 3179:Categories 3081:Transocean 2948:Tullow Oil 2938:TechnipFMC 2704:PetroChina 2542:ExxonMobil 2448:Shale band 2325:East Texas 2298:and fields 2112:Downstream 2065:Production 1972:Completion 1900:Geophysics 1841:Production 1800:Production 1737:Indonesian 1712:Argus Sour 1704:Benchmarks 1614:2020-05-30 1583:2020-05-15 1551:2020-05-30 1477:2020-05-31 1451:2020-05-30 1420:2020-04-21 1395:2020-04-21 1366:2020-05-31 1341:2020-07-30 1215:2020-05-30 1183:2020-05-27 1148:2020-05-06 1117:2020-05-06 1088:2020-05-30 1056:2013-04-17 1025:2013-04-17 1000:2013-04-17 975:2020-05-30 950:2020-05-30 913:2020-05-30 882:2020-05-30 851:2020-05-30 820:2020-05-30 790:2020-05-30 752:2020-05-30 714:2020-05-30 683:2023-11-01 628:2020-05-30 588:2022-04-19 564:References 462:Oil tanker 458:oil tanker 441:arbitraged 419:See also: 340:portfolios 274:volatility 139:, and the 3076:TC Energy 2977:companies 2807:Trafigura 2754:Sonatrach 2699:Petrobras 2689:Pertamina 2599:Ecopetrol 2565:companies 2509:companies 2507:petroleum 2483:tight oil 2478:oil shale 2473:oil sands 2453:Shale gas 2394:sweet oil 2365:Venezuela 2340:North Sea 2296:Provinces 2287:Venezuela 2134:Midstream 1829:Petroleum 1689:Petroleum 1385:FRED Blog 1268:April 20, 553:Petroeuro 214:Sweetness 197:Lightness 137:Urals oil 125:North Sea 123:from the 90:crude oil 18:WTI crude 3164:Category 3071:Subsea 7 3051:Petrofac 3046:NOV Inc. 3026:GE Power 3021:Enbridge 2975:services 2797:Mercuria 2787:Glencore 2749:Sonangol 2709:Petronas 2644:Naftogaz 2416:Peak oil 2399:sour oil 2154:Upstream 2149:Refining 2144:Pipeline 2100:Pumpjack 2095:Gas lift 2016:invasion 1959:Drilling 1846:Reserves 1805:Reserves 1605:Archived 1574:Archived 1542:Archived 1515:Archived 1495:Archived 1471:Archived 1442:Archived 1414:Archived 1389:Archived 1360:Archived 1335:Archived 1307:Archived 1286:Archived 1262:Archived 1232:Archived 1206:Archived 1174:Archived 1139:Archived 1111:Archived 1079:Archived 994:Archived 969:Archived 941:Archived 904:Archived 873:Archived 842:Archived 814:Archived 781:Archived 743:Archived 705:Archived 674:Archived 644:(2009). 619:Archived 582:Archived 502:See also 381:contango 353:contango 318:and the 2739:Sinopec 2729:Rosneft 2609:Gazprom 2604:Equinor 2532:Chevron 2179:History 2045:Tracers 1967:Blowout 1856:Exports 1851:Imports 1815:Exports 1810:Imports 488:Ekofisk 484:Oseberg 480:Forties 328:traders 157:Unlike 98:futures 3105:Others 3056:Saipem 2953:Tüpraş 2943:TNK-BP 2928:Sunoco 2918:Repsol 2878:Lukoil 2821:Others 2792:Gunvor 2426:timing 2360:Russia 2272:Norway 2257:France 2252:Canada 652:  490:, and 406:  399:  397:  249:Platts 171:sulfur 2972:Major 2838:Cepsa 2812:Vitol 2782:Enron 2744:SOCAR 2684:Pemex 2679:PDVSA 2674:Orlen 2639:Lotos 2579:ANCAP 2547:Shell 2504:Major 2262:India 1866:Price 1820:Price 1762:Urals 1757:Tapis 1727:Dubai 1722:Brent 1608:(PDF) 1601:(PDF) 1577:(PDF) 1570:(PDF) 1545:(PDF) 1538:(PDF) 1445:(PDF) 1438:(PDF) 1209:(PDF) 1202:(PDF) 1177:(PDF) 1170:(PDF) 1142:(PDF) 1135:(PDF) 1082:(PDF) 1075:(PDF) 1050:(PDF) 1043:(PDF) 944:(PDF) 937:(PDF) 907:(PDF) 900:(PDF) 876:(PDF) 869:(PDF) 845:(PDF) 838:(PDF) 784:(PDF) 777:(PDF) 746:(PDF) 739:(PDF) 708:(PDF) 701:(PDF) 677:(PDF) 670:(PDF) 622:(PDF) 615:(PDF) 492:Troll 476:Brent 114:sweet 3066:Snam 3006:CH2M 2759:TPAO 2267:Iraq 2237:OPEC 2232:GECF 1781:Data 1270:2020 1257:CNBC 650:ISBN 375:and 338:and 330:and 272:The 251:and 94:spot 3001:CGG 2898:OMV 2764:YPF 2537:Eni 326:by 86:WTI 3181:: 2527:BP 2169:XT 1526:^ 1412:. 1387:. 1383:. 1333:. 1329:. 1254:. 1243:^ 1157:^ 992:. 922:^ 799:^ 761:^ 723:^ 597:^ 580:. 486:, 482:, 478:, 342:. 305:. 301:, 1670:e 1663:t 1656:v 1617:. 1586:. 1554:. 1480:. 1454:. 1423:. 1398:. 1369:. 1344:. 1272:. 1218:. 1186:. 1151:. 1120:. 1091:. 1059:. 1028:. 1003:. 978:. 953:. 916:. 885:. 854:. 823:. 793:. 755:. 717:. 686:. 656:. 631:. 591:. 474:( 84:( 20:)

Index

WTI crude




crude oil
spot
futures
New York Mercantile Exchange (NYMEX)
benchmark in oil pricing
sweet
Brent crude
North Sea
oil markers
Dubai crude
Urals oil
OPEC reference basket
Oil industry in Cushing, Oklahoma
Brent Crude
Cushing, Oklahoma
oil gravity
sulfur
API gravity
Platts
Argus Media
benchmark in oil pricing
Argus Sour Crude Index (ASCI)
volatility
Chicago Mercantile Exchange
Cushing, Oklahoma

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