Review of 13 world oil prices for May 20-24
Azerbaijan, Baku, May 27 / Trend A.Badalova /
The average spot price in 13 varieties (including North American) last week (May 20-24) amounted to $101.17 per barrel compared to $101.61 per barrel the previous week.
The highest average price was observed for Malaysian Tapis, which amounted to $107.19 per barrel compared to $107.9 per barrel 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.
Average price for the Bonny Light oil produced in Nigeria hit $105.04 per barrel compared to $105.86 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.
Last week average price for North Sea Oseberg oil decreased by $0.79 per barrel to $103.23 per barrel. The density of Oseberg is 37.8-degrees API with a 0.27-percent sulfur content.
The price of Brent last week amounted $102.73 per barrel compared to $103.1 the previous week. Brent Dated's density is 38.6-39 -degrees API, with up to 1-percent sulfur content.
Last week the average spot price for Minas oil produced in Indonesia and for the high-sulfur oil Urals amounted to $102.24 per barrel. The price for Minas decreased by $0.89 per barrel, while URALS price decreased by $0.58 per barrel. 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. Urals is a mixture of oil produced in the Khanty-Mansi Autonomous District and Tatarstan. 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 average spot price for North Sea Forties was at $102 per barrel compared to $103.04 per barrel 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.
Last week, the average spot price for the benchmark grade of oil from the Middle East Oman hit $101.46 per barrel compared to $101.15 per barrel the previous week. The density of the Oman oil is 36.3-degrees API, with a 0.8-percent sulfur content.
OPEC oil basket price increased by $0.25 per barrel to $100.72 per barrel. 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).
Last week, 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 decreased by $0.32 per barrel to $100.47 per barrel. Dubai Crude is light oil whose density is 31 degrees-API with a 2-percent sulfur content.
Average spot price for the American Mars last week decreased by $0.66 per barrel to $98.49 per barrel. Mars's density is 28.9-degrees API with a 2.05-percent sulfur content.
The average spot price for the American West Texas Intermediate (WTI) last week increased by $0.11 pr barrel to $94.72 per barrel. 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 lowest average spot price was observed for the American WTS crude oil, which increased by $0.04 per barrel to $94.65 per barrel. The density of WTS is not less than 30 degrees-API with a 2.5-percent sulfur content.
Energy Intelligence Group provides Trend Agency with daily oil price quotas.