Tag: Brent
Crude oil prices increased in 2017, and Brent-WTI spread widened
US crude oil production increased in 2017 by 384,000 b/d, more growth forecast to 2030 Crude oil prices ended 2017 at the highest levels since 2013 and West Texas Intermediate (WTI) crude oil prices averaged $51/b in 2017, up $7/b from the 2016 average, and ended the year at $60/b, $6/b higher than at the […]
Transportation constraints, export costs widen Brent-WTI crude oil price spread
China is second-largest destination for U.S. crude oil exports In its Nov. Short-Term Energy Outlook (STEO), EIA forecasts the price difference between West Texas Intermediate (WTI) crude oil priced at Cushing, Oklahoma, and Brent, the global crude oil price benchmark, to remain at $6 per barrel (b) through the first quarter of 2018 before narrowing to $4/b […]
Widening Brent-WTI price spread unlikely to change East Coast crude oil supply
Restrictions on exporting domestic oil were removed, refiners now compete with international buyers for domestic oil In Sept. and Oct. 2017, the difference between domestic and foreign crude oil prices has risen to the highest level since 2015, according to the U.S. Energy Information Administration. In the past, price differences between West Texas Intermediate (WTI) […]
Brent, WTI crude oil prices to average $50 per barrel through 2018
Without further OPEC agreement, EIA expects lower prices in 2018 than forecast Brent crude oil spot prices to average $51/b in 2017 and $52/b in 2018. West Texas Intermediate (WTI) crude oil prices are expected to be $2/b lower than Brent prices in 2017 and 2018, according to the U.S. Energy Information Administration. Daily and […]
Gasoline prices ahead of Memorial Day higher than 2016, second lowest since 2009
2017 summer gasoline price to average $2.39/gal, 16 cents higher than last summer Gasoline prices heading into Memorial Day weekend average $2.40 per gallon (gal) nationally, up from last year’s price of $2.30/gal, according to the US Energy Information Administration. Despite the year-over-year increase, 2017 marks the second-lowest price ahead of the Memorial Day weekend […]
Another type of crude oil to be included in calculation of Brent price benchmark
Shell to decommission and remove the Brent field offshore oil platforms and the 154 wells associated with field The method for assessing the Brent global benchmark crude oil price is scheduled to change in 2018, according to the US Energy Information Administration. The Brent price benchmark reflects transactions involving physical cargoes of several specific grades […]
Brent spreads become battleground amid doubts over oil rebalancing: Kemp
Critical question is whether rebalancing will continue or driven off course by resurgence of US shale By John Kemp LONDON, March 14 (Reuters) – Global oil markets are gradually rebalancing, but progress has been slower and more uneven than the Organization of the Petroleum Exporting Countries and bullish hedge funds expected. OPEC as well as most commentators, crude […]
Oil prices stable, but futures and crack spreads are volatile: Kemp
Speculative traders increasingly focusing on spreads, likely explains some sharp price moves By John Kemp “Volatility can be neither created nor destroyed, rather it transforms from one form into another,” is a pretty fair summary of how the oil market works (with apologies to physicists). The benchmark price of Brent crude has been unusually stable since the middle of […]
US shale revival likely to cap oil price gains: Kemp
Brent prices have been very stable at around $55.50 +/- $1.50 since the middle of Dec. US shale producers are growing production again, renewing the challenge to OPEC’s market share and potentially limiting further increases in oil prices during 2017/18. US crude and condensate production increased in both Oct. and Nov., the first back to back increases since early […]
Brent market tightens sharply as traders eye stock draws, possible squeeze: Kemp
If OPEC is successful creating supply deficit and drawing down oil stocks, Brent could become very tight this summer By John Kemp LONDON (Reuters) – Brent futures prices for the second quarter have risen strongly in recent days suggesting traders expect the oil market to move into deficit earlier or that a squeeze is underway. […]
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