Brent Crude: Difference between revisions
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Brent Crude has an [[API gravity]] of around 38.6. |
Brent Crude has an [[API gravity]] of around 38.6. |
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The symbol for brent crude is SC. It is traded on the NYMEX which is a London exchange. One contract equals 1,000 barrels. Contracts are quoted in US dollars. Therefore each point lost or gained equals $1,000. --Michael D. Wolok |
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==See also== |
==See also== |
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Revision as of 14:40, 8 April 2007
Brent Crude is one of the major classifications of oil consisting of Brent Crude, Brent Sweet Light Crude, Oseberg and Forties. Brent Crude is sourced from the North Sea.
The name 'Brent' comes from the formation layers - Broom, Rannoch, Etive, Ness and Tarbert
Oil production from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil, i.e. it forms a benchmark.
The symbol for brent crude is SC. It is traded on the NYMEX which is a London exchange. One contract equals 1,000 barrels. Contracts are quoted in US dollars. Therefore each point lost or gained equals $1,000.
Brent blend is a light crude oil, though not as light as West Texas Intermediate (WTI). It contains approximately 0.37% of sulfur, classifying it as sweet crude, yet again not as sweet as WTI. Brent is ideal for production of gasoline and middle distillates. It is typically refined in Northwest Europe, but when the market prices are favorable for export, it can be refined also in East or Gulf Coast of the United States or the Mediterranean region.
Typical price difference per barrel is about $1 less than WTI, and $1 more than OPEC Basket. However, in 2007 Brent Crude futures have been trading at a premium to WTI of approximately $1 to $3 per barrel. The depletion of the North Sea oil fields is one explanation for the divergence in prices.
Brent Crude has an API gravity of around 38.6.
See also
