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Encyclopedia > West Texas Intermediate

West Texas Intermediate (WTI), also known as Texas Light Sweet, is a type of crude oil used as a benchmark in oil pricing and the underlying commodity of New York Mercantile Exchange's oil futures contracts. This oil type is often referenced in North American news reports about oil prices, alongside North Sea Brent Crude. Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ) or crude oil is a thick, dark brown or greenish liquid. ... In finance, an underlying is an investment from which a derivative security is derived. ... Commodity is a term that refers to goods that are mined or agriculturally produced. ... The New York Mercantile Exchange**** NOTE the AMENX is FAKE, created by york-commodities to scam your money, if you send money you will never see it again**** You have been warned. ... In finance, a futures contract is a standardized contract, traded on a futures exchange, to buy or sell a certain underlying instrument at a certain date in the future, at a specified price. ... World map showing North America A satellite composite image of North America. ... The North Sea is a sea of the Atlantic Ocean, located between the coasts of Norway and Denmark in the east, the coast of the British Isles in the west, and the German, Dutch, Belgian and French coasts in the south. ... Brent Crude is one of the major classifications of oil consisting of Brent Crude, Brent Sweet Light Crude, Oseberg and Forties. ...


Although WTI is supposed to gain a higher price than that of Brent crude, on May 24th, it was priced at $63.58 per barrel as against $71.39 per barrel for Brent (Bloomberg). There seem to be other factors leading to the change in price differential. On April 13, 2007, WTI Crude at Cushing may have temporarilly lost its status as a gauge of world oil prices[1]. A large stockpile of oil at the Cushing, Oklahoma storage and pricing facility (mainly due to a refinery shutdown[2]) has caused prices to be artificially depressed at the Cushing pricing point. While stockpiles remain high, refiners are coming back to full capacity to meet early demands for summer Gasoline consumption, which could help return storage to reasonable levels. [3]


WTI is a light crude, lighter than Brent Crude. It contains about 0.24% sulfur, rating it a sweet crude, again sweeter than Brent. Its properties and production site make it ideal for being refined in the United States, mostly in the Midwest and Gulf Coast regions. Light crude oil as opposed to heavy crude oil contains a low content of wax. ... Sweet crude oil is crude oil containing small amounts of hydrogen sulfide and carbon dioxide. ...


Historical price data for WTI can be found at a website maintained by Energy Information Administration, Department of Energy of the US government. It is listed as WTI, Cushing, Oklahoma [1]. Cushing is a city located in Payne County, Oklahoma. ...


Typical price difference per barrel is about $1 more than Brent, and $2 more than OPEC Basket. Brent Crude is one of the major classifications of oil consisting of Brent Crude, Brent Sweet Light Crude, Oseberg and Forties. ... Pumpjack pumping an oil well near Lubbock, Texas Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ...



WTI has an API gravity of around 39.6. API Gravity is a specific gravity scale developed by the American Petroleum Institute (API) for measuring the relative density of various petroleum liquids. ...


References

  1. ^ http://www.bloomberg.com/apps/news?pid=20602099&sid=apum7LTvljdc&refer=energy
  2. ^ http://www.bloomberg.com/apps/news?pid=20602099&sid=a_T5lNxayQ14&refer=energy
  3. ^ http://www.forbes.com/markets/feeds/afx/2007/04/19/afx3630294.html

See also

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West Texas Intermediate (WTI) for North American oil.
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