Review of 13 world oil prices for May 3-7: Malaysian Tapis leads
The average spot price in 13 varieties (including North American) last week amounted to $82.41 per barrel, with a $2.99 decrease from the previous week.
The highest average price was observed on the Malaysian oil Tapis last week. Its average sport price hit $88.46 per barrel, which is less by $2.12 compared to the previous week. This type is used as a reference for the oil-producing zone of the Far East. Tapis's density is 45.5-degrees API with a 0.1-percent sulfur content.
Last week, the average spot price for the Minas oil produced in Indonesia was lower by $2.85 per barrel compared to Malaysian oil Tapis and hit $85.61. The 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.
Average prices for the Bonny Light oil produced in Nigeria and for the benchmark grade of oil from the Middle East Oman were $83.6. Bonny Light observed a $3.55 decrease from the previous week and Oman - $0.86. 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 density of the Oman oil is 36.3-degrees API, with a 0.8-percent sulfur content.
The price for North Sea Oseberg oil hit $83.26 per barrel. Last week the price of the North Sea oil amounted to $86.78 per barrel. The density of Oseberg is 37.8-degrees API with a 0.27-percent sulfur content.
The price of Brent (Dated) oil, produced in the North Sea, last week was $82.49, with a $3.57 decrease from the previous week. Brent Dated's density is 38.3-degrees API, with a 0.36-percent sulfur content.
Last week, the average spot price for the OPEC oil basket was- was $82.46 per barrel compared to $83.13 in the previous week. The OPEC's price is the average index of physical prices for the 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).
The average spot price for North Sea Forties was $82.11 per barrel, with a $ 3.95 decrease 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.
The average spot price for a marker grade of oil produced in Dubai and used as a benchmark in setting prices of other brands of oil exports in the Gulf region Dubai Crude amounted to $81.83 with a $ 3.09 decrease from the previous week.. Dubai Crude is light oil whose density is 31 degrees-API with a 2-percent sulfur content.
Last week, the average spot price for the American West Texas Intermediate (WTI) reached $80.22 with a $3.98 decrease from 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 is high, particularly in the U.S. and China.
The t average spot price for the high-sulfur oil Urals, which is a mixture of oil produced in the Khanty-Mansi Autonomous District and Tatarstan was $79.69 per barrel with $3.73-decrease compared to the previous. 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.
Average spot price for the American Mars oil was $79.59 per barrel compared to the $83.26 in the previous week. Mars's density is 28.9-degrees API with a 2.05-percent sulfur content.
Last week, the lowest average spot price was observed for the American WTS crude oil - $78.39 per barrel. WTS's average sport price recorded $4.01- decrease from the previous week. The density of WTS is not less than 30 degrees-API with a 2.5-percent sulfur content.
Do you have any feedback? Contact our journalist at [email protected]