Benchmark (crude oil)

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Topic: Benchmark (crude oil)

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In the News (Sat 25 May 13)

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	BBC NEWS Business Oil markets explained
		Because there are so many different varieties and grades of crude oil, buyers and sellers have found it easier to refer to a limited number of reference, or benchmark, crude oils.
		Crude oil comes in many varieties and qualities, depending on its specific gravity and sulphur content which depend on where it has been pumped from.
		Crude oil, also known as petroleum, is the world's most actively traded commodity.
	news.bbc.co.uk /1/hi/business/904748.stm (613 words)

	Refining
		A premium crude oil like West Texas Intermediate, the U.S. benchmark, has a relatively high natural yield of desirable naphtha and straight-run gasoline (see graph).
		Crude oil with a similar mix of physical and chemical characteristics, usually produced from a given reservoir, field or sometimes even a region, constitutes a crude oil "stream." Most simply, crude oils are classified by their density and sulfur content.
		As with most aspects of the U.S. oil industry, the Gulf Coast is by far the leader in refinery capacity, with more than twice the crude oil distillation capacity as any other United States region.
	www.eia.doe.gov /pub/oil_gas/petroleum/analysis_publications/oil_market_basics/Refining_text.htm (613 words)

	BBC NEWS Business Oil markets explained
		Because there are so many different varieties and grades of crude oil, buyers and sellers have found it easier to refer to a limited number of reference, or benchmark, crude oils.
		Crude oil comes in many varieties and qualities, depending on its specific gravity and sulphur content which depend on where it has been pumped from.
		Crude oil, also known as petroleum, is the world's most actively traded commodity.
	news.bbc.co.uk /1/hi/business/904748.stm (623 words)

	FX Claim Crude
		West Texas Intermediate -- the US benchmark, and Brent North Sea Crude -- a global benchmark, are not included in OPEC's Reference Basket, but prices of all crudes are closely correlated with one another.
		The range of NYMEX Light Sweet Crude Oil April futures in the last five months has been $23.60-39.99.
		Combined, these countries produce about 41% of the world's crude oil.
	www.ideosphere.com /fx-bin/Claim?claim=Crude (459 words)

	Fuel Crisis Blog: Speculators and Spivs Archives
		The benchmark price of Brent Crude Oil is now over $53 a barrrel, and the trend just seems to be rising.
		Brent crude is the marker price for North Sea Oil, and is always a bit cheaper than the headline New York price, but both types of oil are needed to supply the refineries.
		The BBC reports record crude oil prices, again, despite vaue OPEC production target promises.
	www.spy.org.uk /fuelblog/archives/speculators_and_spivs/index.html (459 words)

	Taipei Times - archives
		Exports of Iraqi crude, also, were still lagging at 1 million barrels per day several days after saboteurs torched a vital feeder pipeline in the south of the country, oil officials said Thursday.
		New York's crude oil contract shot to an all-time high US$41.56 a barrel Friday, chased higher by terrorism fears in Iraq and Saudi Arabia and hot global demand.
		New York's benchmark light sweet crude contract for delivery in June spiked at US$41.56 before easing a little to finish at US$41.38, still up US$0.30 from the previous day.
	www.taipeitimes.com /News/biz/archives/2004/05/16/2003155724 (459 words)

	Alexander's Gas & Oil Connections - Strong demand for Canadian heavy oil
		Heavy oil such as Lloydminster blend was recently fetching about $ 4 a barrel below benchmark West Texas Intermediate crude in trade for October.
		Heavy oil, the tar-like crude that Canadian companies produce in abundance, has become more valuable in recent months -- thanks to strong demand from US refiners for the manufacture of asphalt and less supply as producers opted to crank the valves closed on higher-cost wells.
		Other factors cited for the recent narrower spread include less Venezuelan and Mexican heavy crude available in the US after this year's "Riyadh Pact" production cuts and IPL Energy Inc.'s upcoming need for 3.1 mm barrels of Canadian oil as line fill for its new "Terrace" expansion pipeline into the Midwest market.
	www.gasandoil.com /goc/news/ntn84739.htm (459 words)

	Brent Crude Hits Post-War High
		In London, the benchmark Brent crude for December rose 65 cents to $30.15 a barrel, and earlier, it reached $30.72, a peak since the war ended in April.
		Oil price in London has risen 17% since OPEC reduction; light crude price also climb in New York.
		October 10, 2003: 12:50 PM EDT NEW YORK (CNN/Money) - London oil prices hit post-Iraq war highs Friday, as the West's energy watchdog, the International Energy Agency, warned of supply tightness on world markets heading into the northern winter.
	www.webprowire.com /summaries/603188.html (459 words)

	North Sea oil production continues decline - Irna
		Commenting on oil markets, the bank said that the situation continue to be dominated by high oil prices, with benchmark Brent crude averaging Dlrs 49.44 per barrel (dpb) since the start of this year.
		Despite the decline, the daily oil value was up by 30 per cent to an average of Pnds 41.3 million (Dlrs 75 m) in February compared with a year earlier due to the steep increase in crude prices.
		Oil production from the British sector of the North Sea continued its decline in February, falling by 13 per cent compared with the same month last year.
	www.irna.ir /en/news/view/menu-237/0505140999165001.htm (377 words)

	PrimeWest Energy Trust
		whose price is most commonly used as a benchmark for crude oil pricing internationally.
		BARREL OF OIL EQUIVALENT (BOE): natural gas production is converted using six thousand cubic feet of gas for one barrel of oil, with this number added to the actual number of barrels of crude oil and natural gas liquids on an average day to derive the barrels of oil equivalent produced per day.
		RESERVE LIFE INDEX: is the time span in years derived by dividing the quantity of reserves by the total production of oil, natural gas, and natural gas liquids during a calendar year.
	www.primewestenergy.com /glossary.aspx (377 words)

	Crude Oil Turns Around
		The benchmark U.S. crude is down about 20% since touching a record high of more than $55 a barrel on Oct. 26.
		Crude oil prices Thursday erased early losses to close sharply higher.
		The December futures contract for light sweet crude gained $2.17 to $45.56 a barrel in Nymex floor trading, having lost more than 1% Wednesday in reaction to the inventory data.
	www.thestreet.com /_googlen/markets/marketfeatures/10202015.html?cm_ven=GOOGLEN&cm_cat=FREE&cm_ite=NA (234 words)

	Fuel Oil Relationships to Crude
		Monthly average price for key benchmark crude oil grades firmed across the board in April.
		A comparison of fuel oil prices relative to crude is shown in the accompanying table.
		Looking forward for crude oil, we continue to expect short-term modest price strength followed by some price weakness thereafter.
	www.poten.com /Attachments/FOapril.htm (954 words)

	Vanguard - Cover Storiesl : Nigeria crude oil now sells for $58.50 per barrel
		The current crude basket of OPEC comprises seven varieties from Algeria, Indonesia, Nigeria, Saudi Arabia, the United Arab Emirates, Venezuela and Mexico (non-OPEC producer) and is more sweet and lighter than crude oil produced by most members.
		The new OPEC basket will include 11 crude varieties and it shows that price of Iran’s benchmark crude will be less than the new basket of OPEC, but price of crude produced by such countries as Nigeria, Algeria and Indonesia will be $2.5, $3 and $3 higher than the basket, respectively.
		Oil prices climbed to record highs yesterday, with New York’s main contract, light sweet crude for April delivery selling at $56:30 per barrel in electronic deals, beating the previous record of $55:67 per barrel reached last October 25, 2004.
	www.vanguardngr.com /articles/2002/cover/march2005/17032005/f317032005.html (638 words)

	FuturesBuzz.com - Fundamental Research - Crude Oil
		The Brent blend futures contract is based on a light, sweet North Sea crude oil that serves as a benchmark grade and widely trades as a differential to the NYMEX Division's bellwether light, sweet crude oil futures contract.
		Crude oil is the world's most actively traded commodity, and the NYMEX Division light, sweet crude oil futures contract is the world's most liquid forum for crude oil trading, as well as the world's largest-volume futures contract trading on a physical commodity.
		Complementing the Brent crude oil futures contract are an options contract, calendar spread options contracts, and an options contract on the Brent/West Texas Intermediate crude oil spread.
	www.futuresbuzz.com /fr_crude.html (638 words)

	Soaring Global Demand for Oil Strains Production Capacity: OPEC Hits Limit for Crude Used in U.S. Gasoline; Price Volatility May Rise BHUSHAN BAHREE / Wall Street Journal 22mar04
		U.S. crude values, along with North Sea-benchmark Brent crude oil—a comparable light crude also widely used to produce gasoline—are widely used to price oil produced and sold elsewhere.
		The nations belonging to the Organization of Petroleum Exporting Countries are hitting their limit to produce light, sweet crude, the preferred grade of oil used to make gasoline, especially in the U.S. Capacity limits also plague the petroleum industry's so-called downstream end, which refines oil into essential consumer products such as gasoline.
		NEW YORK—Global demand is straining the world's ability to produce and deliver crude oil and gasoline, potentially adding to price volatility even as the cost of oil approaches 20-year highs.
	www.mindfully.org /Energy/2004/Oil-Global-Demand22mar04.htm (638 words)

	Brent Crude Futures Soar To Highest Since 1990
		LONDON, May 4 (Reuters) - London benchmark Brent crude futures soared to their highest level in over 13 years as deadly weekend attacks on Saudi oil facilities sparked fears of potential supply disruptions to already tight energy markets.
		Crude futures on the International Petroleum Exchange (IPE) hit $35.32 a barrel, surpassing the previous $35.30 high reached on October 2000.
		News Corp. has internally sold or transferred assets worth about $9.5 billion from a holding company for its U.K. assets to other parts of its empire in preparation for its planned relocation to the United States, sources confirmed Monday...
	www.webprowire.com /summaries/769536.html (638 words)

	IranExpert:Economics Drive Iran Euro Oil Plan, Politics Also Key
		Iranian crude oil traders agree that the shift won't be difficult to enact, despite the fact that the dollar is the official benchmark for oil sales.
		Oil revenue is the backbone of the Iranian economy and parliamentary approval remains key to any decisions surrounding the politically sensitive energy sector.
		But one Iranian oil official said the change could also be a precautionary measure.
	www.iranexpert.com /2002/economicsdriveiraneurooil23august.htm (638 words)

	Alexander's Gas & Oil Connections - Bharat Petroleum signs crude deals with three Gulf companies
		Crude for NRL will be sourced from Oil India Limited (OIL), which produces crude in the north-east.
		The crude will be purchased at the official selling price, which is based on the benchmark prices for Oman and Dubai crude.
		The companies were earlier supplying crude to IndianOil, which was the canalising agent for all the public sector oil companies.
	www.gasandoil.com /goc/company/cnm21055.htm (436 words)

	FAME - Oil Price Information
		World-wide crude oil, petroleum product, natural gas, LPG and energy price coverage Accurate price reporting and analysis Petroleum Argus is an important source of daily oil price assessments in all major markets.
		Highly regarded source of Asia-Pacific crude prices APPI was launched in 1985 by Seapac Services and is acknowledged to be the standard price setting mechanism in the Far East for crude oils.
		Global petroleum, petrochemicals, natural gas, electricity and freight price provider Industry benchmark Platt's is a leader in energy price reporting for markets all over the world.
	www.fame.com /products/oilprice.html (814 words)

	Asian traders lay eyes on Iraqi Basrah light crude
		The trader said that a general concern about the sour crude market might have a possible impact on Dubai, possibly pushing up the price of the Asian benchmark.
		The UN spokesman said it was not clear how long the flow of crude will be reduced, but that loading of tankers there was continuing.
		The three companies due to receive April Basrah Light cargoes are two majors and one Japanese oil refiner, they said.
	www.expressindia.com /fe/daily/19990407/fma07056.html (814 words)

	GN Online: Key sweet grades achieve parity
		Nymex crude oil futures were firmer at mid-day as a U.S. Congress resolution authorising a possible U.S. attack on Iraq was viewed as bolstering President George W. Bush's bid to gain a similar mandate from the United Nations.
		The two principal Louisiana sweet grades were at parity in the U.S. domestic cash crude market, with large purchases from one buyer helping support Heavy Louisiana Sweet/Empire, said several traders.
		Light Louisiana Sweet/St. James was valued steady at 25/35 cents premium to West Texas Intermediate/Cushing, after trading on Thursday at 25 cents above the benchmark.
	www.gulf-news.com /Articles/news.asp?ArticleID=65395 (814 words)

	lsco_fut_descri.aspx
		The Brent blend futures contract is based on a light, sweet North Sea crude oil that serves as a benchmark grade and widely trades as a differential to the NYMEX Division's bellwether light, sweet crude oil futures contract.
		The NYMEX miNY™ crude oil futures contract, designed for investment portfolios, is the equivalent of 500 barrels of crude, 50% of the size of a standard futures contract.
		Complementing the Brent crude oil futures contract are an options contract, calendar spread options contracts, and an options contract on the Brent/West Texas Intermediate crude oil spread.
	www.nymex.com /lsco_fut_descri.aspx (349 words)

	lsco_otc_wtides.aspx
		West Texas Intermediate (WTI) crude oil, one of the most actively traded domestic crudes, is the U.S. benchmark grade and is the primary deliverable grade under the New York Mercantile Exchange, Inc., light, sweet crude oil futures contract.
		The 1,000-barrel lot size of the WTI crude oil calendar swap futures contract represents a commonly traded market unit and is the same as the Exchange's light, sweet crude oil futures contract.
		Prices for WTI are quoted at Cushing, Oklahoma, a major crude oil transshipment point that has extensive pipeline connections to oil producing areas and refining centers in the Southwest and along the Gulf Coast.
	www.nymex.com /lsco_otc_wtides.aspx (349 words)

	Encyclopedia: Petroleum
		West Texas Intermediate (WTI) is a type of crude oil used as a benchmark in oil pricing and the underlying commodity of New York Mercantile Exchanges oil futures.
		Oil production from Europe, Africa and Middle Eastern oil flowing West tends to be priced off the price of this oil, which forms a benchmark.
		China has confirmed that two of its largest producing regions are in decline, and Mexico's national oil company, Pemex, has announced that Cantarell Field, one of the world's largest offshore fields, is expected to peak in 2006, and then decline 14% per annum.
	www.nationmaster.com /encyclopedia/Petroleum (349 words)

	Crude Oil Future- Crude oil market and crude oil option trading- energy future
		The Brent blend futures contract is based on a light, sweet North Sea crude oil that serves as a benchmark grade and widely trades as a differential to the NYMEX Division's bellwether light, sweet crude oil futures contract.
		Brent blend is a light, sweet North Sea crude oil that serves as a benchmark grade and widely trades as a differential to the New York Mercantile Exchange, Inc., bellwether light, sweet crude oil futures contract.
		Complementing the Brent crude oil future contract are an options contract, calendar spread options contracts, and an options contract on the Brent/West Texas Intermediate crude oil spread.
	tkfutures.com /crude_oil.htm (349 words)

	Energy Citations Database (ECD) - Energy and Energy-Related Bibliographic Citations
		This paper reports on Brent Blend, an important benchmark crude oil exported from the North Sea, recently assayed.^Brent blend is a light, paraffinic, low-sulfur crude oil that yields a full range of good quality, low-sulfur products.^Brent blend is a blend of crudes from eight different fields mainly in the British sector of the North Sea.
		Energy Citations Database (ECD) Document #6629491 - Brent Blend, North Sea benchmark, assayed
		Availability information may be found in the Availability, Publisher, Research Organization, Resource Relation and/or Author (affiliation information) fields and/or via the "Full-text Availability" link.
	www.osti.gov /energycitations/product.biblio.jsp?osti_id=6629491 (349 words)

	Putin Wants More for Russian Oil
		President Vladimir Putin said on Monday that he was unhappy that Russia's Urals crude oil sells at a discount to benchmark Brent crude, and asked the Cabinet to take measures to reduce the gap.
		The Urals blend, the most common crude pumped in Russia, typically trades at a discount of around $3 to $5 to the benchmark Brent blend, which is bought and sold in London.
		The Urals blend has higher sulphur content and density than Brent, which makes it more costly to refine.
	www.moscowtimes.ru /stories/2005/08/16/045.html (349 words)

	State Seeks to Reward Superior Oil
		The government revived the idea of setting up a crude oil quality bank on Tuesday, a day after President Vladimir Putin said he was unhappy Russia's Urals crude sold at a discount to the benchmark Brent blend.
		Urals crude is of lower quality in terms of sulphur content and gravity than Brent or BFO, which has replaced Brent as the international benchmark.
		Economic Development and Trade Minister German Gref was quick to react to Putin's remark, saying the quality bank idea could solve the issue and be part of a review of oil sector taxation.
	www.moscowtimes.ru /stories/2005/08/17/046.html (349 words)

	West Texas Intermediate - Wikipedia, the free encyclopedia
		West Texas Intermediate (WTI) is a type of crude oil used as a benchmark in oil pricing and the underlying commodity of New York Mercantile Exchange's oil futures contracts.
		This is usually the type referenced in Western news reports about oil prices, alongside North Sea Brent Blend crude.
	en.wikipedia.org /wiki/West_Texas_Intermediate (153 words)

	Around Asia's markets: Fuel law weighs on Indian refiners
		Refiners' shares have lagged the 10 percent gain in the Sensitive index, an Indian benchmark, since the government froze fuel prices on July 31 to shield consumers from crude oil's 64 percent gain in global markets this year.
		Profit in the second quarter for Indian Oil, Hindustan Petroleum and Bharat Petroleum, India's biggest state-run refiners, may have been undermined by the government's decision to prevent them from passing record-high crude oil costs on to customers.
		Oil refining brings in half the sales at Hindustan Petroleum and 40 percent at Bharat Petroleum, with fuel retailing accounting for the remainder.
	www.iht.com /articles/2004/10/21/bloomberg/sxasia.html (153 words)

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Topic: Benchmark (crude oil)

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In the News (Sat 25 May 13)