Tapis returns leadership: REVIEW of 13 world oil prices
Azerbaijan, Baku, Nov. 2 / Trend , A.Badalova/
Last week, oil prices distinguished with high volatility on the world markets. In mid-week, oil price rise was 3.1 percent on the backdrop of data on the U.S.'s overcoming the recession. However, oil prices dropped considerably in late last week, caused by indicators of the U.S.'s consumer expenses which have fallen for the first time since April.
On Oct. 26-30, an average world price of 13 major varieties of oil has kept the corridor $75.7-$77.3 per barrel. An average spot price in 13 varieties (including the North-American) last week amounted to $76.68 per barrel with a $0.72-decrease from the previous week.
Last week the highest average price fell to the Malaysian oil Tapis. Its average price last week stood at $78.5 per barrel with a $0.4-decrease from the previous week. This type is used as reference marks for oil-producing zone of the Far East. Tapis's density is 45.5 degrees API with a 0.1-percent sulfur content.
The American West Texas Intermediate (WTI) oil was traded slightly lower than the Malaysian oil last week. Its average sport price last week was $78.4 per barrel compared to $79.8 per barrel in the previous week. WTI's density is 40 degrees API with a 0.4-05 percent sulfur content. This oil is mainly used to produce gasoline and therefore the demand for it is high, particularly in the U.S. and China.
Bonny Light, produced in Nigeria was by $0.6 per barrel cheaper than the American light oil. Average prices for this oil last week was $77.3 per barrel with a $0.8-decrease from the previous week. The density of Bonny Light, used to determine the price of other brands of oil exports in the Gulf, is 33.4 degrees API with a 0.16-percent sulfur content.
The prices for Oseberg oil - sort of North Sea and Indonesia's Minas oil stood at $77.1 per barrel. Last week fall of the North sea oil amounted to $1 per barrel and Minas - $0.6 per barrel. Density of Oseberg is 37.8 degrees API with a 0.27 percent sulfur content. Price for Minas is used in setting prices for other brands of oil exports in the Gulf region. Its density is 35.3 degrees API with a 0.09-percent sulfur content.
Benchmark grade of oil from the Middle East - Oman stood at $75.67-78.38 per barrel. Its average sport price made up $77 per barrel with a $0.4-increase from the previous week. The density of this oil is 36.3 degrees API with a 0.8 percent sulfur content.
Last week, an average spot price for the OPEC oil basket was $76.4 per barrel with a $0.6-increase from the previous week. The price of the basket is the average index of physical prices for following 11 grades of oil: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
An average spot price for WTS crude oil last week was $76.3 per barrel compared to $77 per barrel in the previous week. The density of the oil is not less than 30 degrees API with a 2.5-percent sulfur content.
Price of Brent (Dated) oil, produced in the North Sea, last week dropped by $1. Its average spot price was $76.2 per barrel last week. The Brent Dated's density is 38.3 degrees API with a 0.36-percent sulfur content.
An average spot price for a marker grade of oil produced in Dubai and is used as a benchmark in setting the prices of other brands of oil exports in the Gulf region Dubai Crude, amounted to $76 per barrel. Dubai Crude is light oil whose density is 31 degrees API with a 2-percent sulfur content.
Last week, an average spot price for the North Sea Forties was $75.7 per barrel with a $1.5-down from the previous week Forties has a low sulfur content and high potential to produce gasoline. Its density is about 40.3 degrees API with a 0.56 percent sulfur content.
An average spot price for high-sulfur oil (sulfur content is about 1.3 percent), which is a mixture of oil produced in the Khanty-Mansi Autonomous District and Tatarstan, last week was $75.5 per barrel compared to $76.7 per barrel in the previous week. The main producers of Urals oil is the Rosneft, Lukoil, Surgutneftegaz, Gazprom Neft, TNK-BP and Tatneft companies. Abroad, this oil is known under the name Siberian Light. In Russia, oil futures for Urals are traded on the FORTS market at the RTS stock exchange.
The lowest average price last week was observed on the American Mars oil. Its average spot price comprised $75.2 per barrel with a $0.6-decrease from the previous week. Mars's density is 28.9 degrees API with a 2.05-percent sulfur content.
Energy Intelligence Group provides Trend Agency with daily oil price quotas.
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