I don't actively monitor the world energy market, but I could tell from the frequent changes in our local pump prices this year (the oil sector has long been deregulated) that world oil prices have become volatile--again. True enough, Chris Cermak filed the following report yesterday:
Politicians are beginning to fear a repeat of the summer of 2008, when the price hit $140 per barrel, sending petrol prices skyrocketing in the US, sparking a serious energy crisis in many developing countries and sending economies reeling.
But the blame for the price increase has shifted. While oil producers in the Middle East have been criticised in the past for keeping supplies down, attention has now turned to the complex world of finance.
The US and Europe have signalled possible crackdowns on oil speculators - the investors who trade daily in the fuel. They argue that the sharp price changes are not borne out by the small shifts in supply or demand for oil.
Authorities believe speculators may be pushing the price higher for their own gains. Crude oil futures, traded on the New York Mercantile Exchange, are at the centre of the dispute.
When you hear the news reporters talk about the price of crude oil in the marketplace, they're generally talking about WTI, which is West Texas Intermediate crude oil. It's a very light, sweet crude oil and the highest grade that's out there. Crude oil is based on and priced on the amount of sulfur that's in the oil. It makes it easier or harder to refine base on the amount of sulfur. WTI being the lightest and sweetest, is the highest priced crude oil in the marketplace.
It is a benchmark delivered in Cushing, Oklahoma.
In benchmarks for crude oil and global pricing of crude oil, WTI probably prices about 50% of the global pricing of crude oil. Brent being basically the other pricing benchmark. There's two out there, Brent being a little of a mixture of three different grades of crude oil; BF&O, Brent 40 and Ossenberg. They're all produced in the North Sea.
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6 comments:
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