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CL 1 Crude Oil WTI NYM $ bbl Front Month Overview

Barring significant disruptions to oil flows, the market looks reasonably well supplied in 2024, with higher-than-expected non-OPEC+ production increases set to outpace oil demand growth by a healthy margin. Global oil supply is forecast to rise by 1.5 mb/d to a new high of 103.5 mb/d in 2024. The Americas – led by the United States, Brazil, Guyana and Canada – will dominate gains in 2024, just as the region did last year. After a steep rise in output in 4Q23, global oil supply is expected to decline this month as a blast of cold weather sweeping through the United States and Canada takes a toll on oil operations.

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Rising geopolitical tensions in the Middle East, which accounts for one-third of the world’s seaborne oil trade, has markets on edge at the start of 2024. While oil and LNG production have not been impacted, a rising number of ship owners are diverting cargoes away from the Red Sea. At the time of writing, Brent futures were just above $77/bbl and WTI around $72/bbl. Since the shale boom in the U.S., which resulted in a production increase of WTI, the price of WTI has gone down and usually trades at a discount to Brent.

1. The main delivery point for physical exchange and price settlement for WTI is Cushing, Oklahoma.
2. « People are trying to weigh up the economic news out of China – what are the potential implications for demand, » Helima Croft with RBC Capital Markets told CNBC’s « Worldwide Exchange » on Monday.
3. The commodity of crude oil is by far the world’s most important energy source and the price of oil therefore plays an important role in industrial and economic development.
4. The Cushing hub delivery system consists of 35 (20 inbound and 15 outbound) pipelines and 16 storage terminals.

The hub has 90 million barrels of storage capacity and accounts for 13% of U.S. oil storage. WTI is the underlying commodity of the New York Mercantile Exchange’s (NYMEX) oil futures contract and is considered a high-quality oil that is easily refined. Sign-up to receive the latest news and ratings for W&T Offshore and its competitors with MarketBeat’s FREE daily newsletter.

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Theoretically, WTI crude should trade at a premium to Brent crude, given the quality, but this is not always the case. While the two crude oil varieties can trade at similar price points, each one has its own unique supply and demand market, and therefore its price reflects its individual market fundamentals. Zacks provides the average brokerage recommendation (ABR) for thousands of stocks for most of the leading investment web sties. The ABR is the calculated average of the actual recommendations (strong buy, hold, sell etc) made by the brokerage firms for a given stock.

On an international level there are a number of different types of crude oil, each of which have different properties and prices. The types of crude oil come from regions as diverse as Alaska North Lope, Arab Light or Zueitina in Libya. For the purposes of trading on futures exchanges in London or New York, however, reference oils are used. https://bigbostrade.com/ These are standardised products used to determine the prices for all other types. The reference oil traded most frequently and of major significance for the USA is West Texas Intermediate (WTI), while the most important in Asia is Dubai Fateh. Other reference oil types include Leona, Tijuana, Alaska North Slope, Zueitina or Urals.

W&T Offshore Announces Closing of Accretive Acquisition of Six Gulf of Mexico Fields

WTI is known as a light sweet oil because it contains less than 0.50% sulfur (normally about 0.24% to 0.34%), making it « sweet, » and has a low density making it « light. » © 2024 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided ‘as-is’ and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see Barchart’s disclaimer.

Besides its primary role as the most important energy source, crude oil is also an essential raw material for manufacturing plastics. Because the supply of crude oil is limited but demand is constantly increasing, the price of oil is also continuously rising. Because crude oil is needed to manufacture other primary materials, it is the world’s most important commodity. The US investment bank Goldman Sachs estimates the proportion of crude oil used for primary materials production to be 45 per cent.

W&T Offshore (WTI) Expands in Gulf of Mexico With $32M Deal

WTI is the main oil benchmark for North America as it is sourced from the United States, primarily from the Permian Basin. It then travels through pipelines where it is refined in the Midwest and the Gulf of Mexico. The main delivery point for physical exchange and price settlement for WTI is Cushing, Oklahoma. « While we are still gathering the facts of this attack, we know it was carried out by radical Iran-backed militant groups operating in Syria and Iraq, » U.S. President Joe Biden said in a statement. Three U.S. service members were killed and many injured in an unmanned aerial drone attack on forces stationed in a northeast Jordan outpost near the Syria border on Sunday, according to the White House.

W&T Offshore, Inc. was founded in 1983 and is headquartered in Houston, Texas. As always, the IEA stands ready to respond decisively if there is a supply disruption and the global oil market requires additional barrels. IEA member countries collectively hold stocks of around 4 billion barrels, including 1.2 billion barrels of government-controlled stocks held exclusively in case of an emergency. That buffer should help assuage market jitters and angst among governments, industries and energy consumers.

W&T Offshore Announces First Quarter 2023 Results

As mentioned, WTI has a sulfur content between 0.24% and 0.34%, whereas Brent has a sulfur content between 0.35% to 0.40%. The lower the sulfur content of an oil, the easier it is to refine, making it more attractive. Both benchmark oils are considered sweet, but WTI is sweeter making it a bit easier to refine.

W&T Offshore (WTI) Q3 Earnings Lag Estimates, Revenues Fall Y/Y

The most oversold stocks in the energy sector presents an opportunity to buy into undervalued companies. Upgrade to MarketBeat All Access to add more stocks to your watchlist. Get updates on the IEA’s latest news, analysis, data and events delivered twice monthly. The deadly attack on U.S. troops comes on the heels of attacks by Yemen-based Houthi rebels on an oil tanker transiting the Red Sea on Friday. A petroleum products tanker vessel, operated on behalf of Trafigura, caught fire after it was struck by a missile in the Gulf of Aden.