344:, where futures prices are greater than spot prices. Contango imposes a roll cost on investors who must roll futures contracts, as they must pay a relatively higher price for those contracts to get the same underlying spot price exposure as their previous expiring contract. These roll costs could be viewed as compensation, purchased virtual storage, or an indirect subsidy for storage owners to provide the service of storing crude on behalf of financial investors. In the WTI context, storage owners would include most participants in the physical WTI market. Beyond the need by financial investors in oil, oil storage is also valuable because it provides insurance against supply disruptions or unexpected increases in demand. Refiners who wish to avoid carrying real physical oil inventories can purchase futures contracts as virtual storage as an alternative. Oil producers wishing to maintain real physical oil inventories similarly could lower the cost of those inventories through selling futures contracts. Index fund participation in the crude oil market is also associated with lower price volatility.
360:, which reduced demand, with storage issues and the expiration of the May contract on the following day resulting in reduced trading. For the first time ever, the reduction in trading shut down the Trade at Settlement (TAS) mechanism of the May 2020 WTI contract 30 minutes before the end of trading due to a lack of buyers. The TAS shutdown signaled to market participants that all remaining open May 2020 WTI contracts that have to be sold, either outright or for the purposes of rolling to the June 2020 contract, to the open market in the next twenty minutes. The speed at which the contracts had to be sold, and the closeness of that time to contract expiry meant that large physical oil traders, who could have transported and stored oil elsewhere given a low enough price, could not buy contracts due to operational, risk management, and position limit constraints. Any remaining traders who were willing to buy contracts gained enormous
228:
controls. After the price decontrol, WTI graded crude oil traded under spot prices centered around spot prices at
Cushing, Oklahoma, Midland, Texas, and Houston, Texas (specifically at the Magellan East Houston "MEH" Terminal). Oil price collapses during 1985-1986 significantly reduced local oil production around Cushing, and linked Gulf Coast imported crude oil supplies into the Cushing region and the WTI market. The growth of the WTI spot market came in tandem with the growth of the WTI futures market. The volatility of WTI spot prices lead to the development of WTI futures contracts, while the adoption of the WTI futures contracts as hedging tools by producers and refiners worldwide lead to the worldwide adoption of assessed physical WTI spot prices as benchmark prices for crude.
270:. The contract is for 1,000 US barrels, or 42,000 US gallons, of WTI crude oil, the minimum tick size of the contract is $ 0.01 per barrel ($ 10 for contract), and the contract price is quoted in US dollars. Monthly contracts are available for the current year, the following 10 calendar years, and 2 additional months. For example, from the perspective of any day in June before the last trade date for the June 2020 contracts, contracts for June 2020, July 2020, August 2020, ... December 2030, January 2031, and February 2031 are available for trading. The maximum number of contracts would be 134 contracts, which occurs at the expiry of a December contract when contracts for a new calendar year and two months are made available for trading.
487:
crude oil was added in 2002, Ekofisk crude oil was added in 2007, and Troll crude oil was added in 2018 to Brent crude oil pricing basket. Moreover, the different grades in the "Brent basket" are priced different. For example, Ekofisk, Oseberg, and Troll crude oil grades have a quality premium over Brent crude oil grades, while
Forties have a price discount for high sulphur content. Brent prices usually reflect the cheapest or the most competitive physical crude oil in the above basket, which means that Brent prices usually reflect prices for Forties crude oil. These quality changes to Brent Crude oil directly affect the premium or discount between what refiners would pay for WTI and Brent crude oil.
41:
53:
381:
436:, which had been transporting oil from the Gulf Coast to Cushing, reversed its flow direction, to transport WTI-priced crude to the Gulf Coast, where it received Brent prices. The price difference persisted, however, and was large enough that some oil producers in North Dakota put their oil on tanker cars, and shipped it by rail to the Gulf and East Coast, where it received Brent prices. Brent continued to trade $ 10–20 higher than WTI for two years, until June 2013.
3149:
244:, compiled assessment prices of WTI based on prices of spot transactions starting in 1981. Eligible spot transaction prices at Cushing, Oklahoma, is typically reported as WTI, while eligible spot transactions at Midland, Texas, and Houston, Texas (at the MEH Terminal) are reported as WTI Midland, and WTI Houston respectively. The development of WTI spot and futures markets led crude oil producers around the world to use assessed WTI prices as a
154:, could be said to define WTI oil, but as local production declined, pipelines into those areas began to deliver crude oil of other grades, produced and blended elsewhere, which were also accepted as WTI. The WTI futures contract formalized this relationship by specifying that the deliverable asset for the contract could be a blend of crude oil, as long as it was of acceptable lightness and sweetness. Crude oil lightness is characterized by
20:
28:
499:
513:
286:, which was discovered in 1912, and dominated U.S. oil production for several years. The area became a "vital transhipment point with many intersecting pipelines, storage facilities, and easy access to refiners and suppliers," infrastructure which remained after the Cushing field had declined in importance. Crude oil flows "inbound to Cushing from all directions and outbound through dozens of pipelines". It is in
303:
acceptance of oil futures contracts and related derivatives as financial assets. Demand from these investors and general financial innovation created inexpensive access to financial instruments related to oil futures contracts, such as options, index funds, and exchange-traded funds. As part of wave of investor interest, WTI crude oil futures prices (as well as Brent Crude oil prices) are included in both the
483:; also referred to as BFOET), a higher proportion of that oil production is consumed by local European refiners, and both a lesser proportion and a lesser absolute amount of that oil production can be exported to the US. During periods when WTI trades at a premium to Brent crude, declining Brent crude production pushes up that premium as traders cannot source supplies to sell into the US for a profit.
150:, WTI crude oil is not from any specific oil fields. Rather, WTI is described (for example by the Alberta Government) as "light sweet oil traded and delivered at Cushing, Oklahoma" (with WTI Midland and WTI Houston crude oil defined similarly for Midland, Texas, and Houston, Texas respectively). Historically, local trade between oilfield production and refineries around Midland, Texas, and
248:. For example, in 2008, Saudi Arabia, Kuwait, Iraq, Colombia, and Ecuador based their crude oil selling prices on either the Platts WTI Mnth 1 index or the Platts WTI Mnth 2 index (the assessed prices of transactions with delivery in the next deliverable month or the second deliverable month). Subsequently, Saudi Arabia, Kuwait, and Iraq started using the
372:. Assess WTI prices were affected, and the WTI spot price dropped to -$ 36.98 on April 20. At the same time, Mars crude oil produced in the US Gulf Coast (USGC) settled at -$ 26.63, and Middle East exporters who uses ASCI (of which Mars is a component) as the selling price benchmark had to settle for negative prices that day.
281:
is a major trading hub for crude oil and has been the delivery point for crude contracts and therefore the price settlement point for West Texas
Intermediate on the New York Mercantile Exchange for over three decades. The town of Cushing, Oklahoma is a small, remote place with only 7,826 inhabitants
347:
WTI futures contracts are tied to physical deliveries into the physical spot WTI market, so WTI futures contract prices should converge to physical spot WTI market conditions and prices. But since deliveries made to settle an expiring WTI futures contract are also physical spot WTI transactions that
339:
For financial investors without oil storage, purchasing the shortest maturity futures contract and then rolling to the next contract priory to expiry offered the closest approximation to investing in physical oil prices. However, financial markets are much larger than oil markets, and investor flows
486:
As well, participants in the Brent crude market compensates for declining North Sea production by associating additional oilfields and different quality crude production into the definition of Brent crude, which affects the quality differential between Brent and WTI crude oils. Forties and
Oseberg
453:
freight cost rates could be highly volatile, due to circular dependence on fuel oil prices and ultimately crude prices, to demand for oil tankers to serve non-USGC non-North-Sea trade routes (especially to China), and to demand for using oil tankers as floating storage for crude oil. From 2000 to
427:
In
February 2011, WTI was trading around $ 85/barrel while Brent was at $ 103/barrel. The reason most cited for this difference was that Cushing had reached capacity due to a surplus of oil in the interior of North America. At the same time, Brent moved up in reaction to civil unrest in Egypt and
418:
in the 2010s it has been traded at a discount against Brent crude oil. Both the volatility of the WTI/Brent premium/discount, as well as its reversal from premium to discount in 2011, are studied and monitored by market participants as indicators for the functioning of WTI and Brent Crude as oil
218:
The Platts and Argus API and sulfur measurements are descriptions of WTI as assessed, while the NYMEX WTI futures contract characterization is a requirement for WTI crude oil delivery to the contract. WTI crude oil will typically satisfy the WTI futures contract requirements and be close to the
227:
The US governmental decontrol of oil prices on
January 28, 1981, marked the beginning of the physical WTI Crude Oil spot market. Under the previous US Emergency Petroleum Allocation Act of 1973, WTI crude oil traded under a variety of spot prices split into various categories set by the price
302:
Starting in 2003, an influx of traders from outside of the oil industry begun to participate in oil futures and other commodities futures markets. These market participants, which includes hedge funds, pension funds, insurance companies, and retail investors, were motivated by the increasing
348:
can be included into PRA assessed prices, abnormal futures contract transactions could drive WTI spot prices and assessed prices. This was the case on April 20, 2020, when WTI futures contract trading drove both assessed WTI and ASCI prices to negative territories.
662:
265:
of crude oil prices after the US oil price decontrol led to the development of the NYMEX WTI Light Sweet Crude Oil futures contract in 1983. The NYMEX Crude Oil contract trades under the symbol CL on the New York
Mercantile Exchange, now part of
444:
To the extent that price difference between WTI and Brent crude entice traders to ship WTI to North Sea refineries or ship Brent to US Gulf Cost refineries, the premium/discount between WTI and Brent crude must reflect
769:
462:
Premiums/discounts between WTI and Brent crude also reflects declining crude oil production priced under Brent crude prices. As crude production declines from depletion in Brent crude associated North Sea oilfields
162:
content. Measurements of lightness and sweetness of WTI changes depending on the particular light and sweet oil traded at
Cushing at the time of the measurement, and even the particular measurement methodology.
655:
252:
as their price index in 2009, but the ASCI index itself is priced in relation to WTI futures with a differential, which imply those countries still effectively benchmark their crude oil selling prices to WTI.
1295:
1274:
1562:
1162:
1323:
2374:
1099:
957:
762:
929:
1250:
1220:
1459:
1292:
2270:
802:
356:
On April 20, 2020, WTI's May contract closed at -$ 37.63/barrel while the June contract closed at positive $ 20.43/barrel. Prices mainly dropped due to the
3115:
1271:
1555:
1194:
1127:
1067:
1028:
731:
2495:
1793:
1593:
1530:
1430:
892:
861:
830:
693:
607:
97:. Oil produced from any location can be considered WTI if the oil meets the required qualifications. Spot and futures prices of WTI are used as a
432:
in bringing the two prices back to parity. Oil prices at coastal areas of the United States were closer to Brent than to WTI. In June 2012, the
1377:
428:
across the Middle East. Since WTI-priced stockpiles at
Cushing could not easily be transported to the Gulf Coast, WTI crude was unable to be
1155:
570:
1783:
1657:
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2260:
2245:
2240:
1788:
2210:
1315:
1834:
1803:
1798:
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953:
89:
price, or assessed price for that oil. In colloquial usage, WTI usually refers to the WTI Crude Oil futures contract traded on the
1503:
1483:
3183:
2577:
922:
2451:
2275:
1240:
1859:
2582:
2250:
1824:
1029:"Light Sweet Crude Oil (WTI) Futures and Options: When the World Asks, "What's the Price of Crude Oil?" WTI is the Answer"
132:. WTI is lighter and sweeter, containing less sulfur than Brent, and considerably lighter and sweeter than Dubai or Oman.
1829:
1348:
1217:
2963:
2642:
2358:
1455:
1402:
323:. Its weighting in these commodity indices give LME Nickel prices non-trivial influence on returns on a wide range of
3110:
2414:
2167:
1003:
642:
141:
2999:
2652:
2147:
1844:
1839:
1650:
2657:
2215:
2100:
2026:
798:
3125:
2896:
2562:
2115:
2033:
1960:
1630:
982:
415:
3173:
2333:
2230:
2220:
2142:
1120:
3105:
3100:
2637:
2622:
2071:
1187:
1060:
90:
1035:
454:
2009, oil tanker freight rates represented a substantial contributor to the WTI premium over Brent crude.
3152:
3120:
1643:
724:
267:
1586:
1523:
1423:
885:
854:
823:
686:
600:
2707:
2308:
2293:
2255:
2016:
1893:
531:
3178:
3079:
2612:
2353:
2157:
526:
304:
1623:– Part of the U.S. Department of Energy, official source of price and other statistical information
1369:
3130:
3004:
2061:
2053:
2004:
1955:
1875:
1760:
1302:
566:
320:
2607:
2348:
2038:
1888:
1725:
1700:
287:
249:
1399:"Spot Crude Oil Price: West Texas Intermediate (WTI)/Crude Oil Prices: Brent - Europe (1987–)"
2984:
2426:
2409:
2343:
2105:
1972:
1925:
1898:
1740:
1692:
409:
245:
129:
98:
2881:
2551:
2313:
2195:
2021:
1994:
1977:
1903:
1735:
262:
8:
3029:
2974:
2901:
2790:
2602:
2520:
2200:
2066:
328:
108:
The price of WTI is often included in news reports on oil prices, alongside the price of
414:
Historically, WTI has generally traded at a premium to Brent before 2011, but since the
2876:
2298:
1908:
1808:
1666:
1500:
1480:
2323:
40:
3024:
2152:
2127:
1930:
1915:
638:
476:
472:
357:
340:
began to dominate oil producers' hedging needs and moved the oil futures market into
312:
283:
278:
151:
546:
2851:
2572:
2175:
2093:
2011:
1849:
1730:
1293:
Oil prices fall to historic lows, as West Texas crude futures drop to negative $ 37
630:
468:
365:
316:
3084:
3074:
2816:
2567:
2456:
2382:
2185:
2180:
2110:
2078:
1989:
1705:
1507:
1487:
1299:
1278:
1224:
480:
433:
324:
231:
102:
2921:
2841:
2831:
2821:
2762:
2737:
2446:
2387:
2318:
2205:
2190:
1999:
1937:
1682:
1281:
464:
86:
1344:
52:
3167:
2989:
2946:
2911:
2540:
2421:
2394:
2328:
1720:
1626:
504:
291:
23:
Spot price of West Texas intermediate in relation to the price of Brent crude
1398:
334:
101:. This grade is described as light crude oil because of its low density and
3049:
2979:
2871:
2861:
2856:
2846:
2836:
2722:
2702:
2647:
2431:
2399:
2338:
2235:
2137:
2043:
1920:
1854:
1272:
Historic day for oil markets as WTI crude crashes below zero for first time
518:
403:
361:
1007:
380:
3019:
2941:
2891:
2712:
2682:
2627:
2617:
2303:
1982:
1965:
1883:
1745:
1715:
1710:
536:
389:
308:
241:
190:
155:
147:
121:
109:
82:
1218:
U.S. Oil Prices Settle In
Negative Territory For First Time In Epic Rout
3069:
2936:
2926:
2692:
2530:
2436:
450:
446:
117:
1316:"News vs. Noise: Understanding the Meaning Behind Negative Oil Prices"
1188:"The Role of Speculation in Oil Markets: What Have We Learned So Far?"
1061:"The Role of Speculation in Oil Markets: What Have We Learned So Far?"
3064:
2795:
2742:
2687:
2677:
2587:
2535:
2471:
2466:
2461:
2441:
2122:
1750:
1677:
1635:
541:
429:
125:
113:
78:
978:
3059:
3039:
3034:
3014:
3009:
2785:
2775:
2697:
2632:
2404:
2132:
2088:
2083:
1947:
369:
341:
19:
297:
27:
2727:
2717:
2597:
2592:
2507:
1241:"US Oil Prices are on Track for Their Worst Day Ever: Here's Why"
498:
375:
311:
commodity index, which are benchmark indices widely followed in
3044:
2931:
2916:
2906:
2866:
2780:
282:(according to the 2010 Census). However, it is the site of the
237:
159:
232:
Global adoption of WTI assessed prices as oil benchmark prices
2826:
2800:
2770:
2732:
2672:
2667:
2662:
457:
799:"Methodology and specifications guide: Argus Americas Crude"
3054:
2994:
2747:
2225:
1245:
1004:"Census Viewer:Population of the City of Cushing, Oklahoma"
1620:
1501:
Price difference between WTI and Brent Crude oil narrowing
2886:
2752:
2525:
1126:. S&P Dow Jones Indices. S&P Global. p. 26.
1092:"Bloomberg Commodity Index 2020 Target Weights Announced"
335:
Effect of futures contract trading on physical WTI market
222:
167:
WTI crude oil lightness and sweetness characterizations
2515:
1193:. The Oxford Institute for Energy Studies. p. 15.
256:
1561:. The Oxford Institute for Energy Studies. p. 3.
1556:"Changes to the 'Dated Brent' benchmark: More to come"
1066:. The Oxford Institute for Energy Studies. p. 3.
351:
916:
914:
912:
16:
Grade of crude oil used as a benchmark in oil pricing
3116:
International Association of Oil & Gas Producers
656:"Not All Oil is Equal: Explaining Price Differences"
494:
64:
West Texas Intermediate oil price history 1946–2022
928:. Oxford Institute for Energy Studies. p. 3.
909:
1185:
1058:
135:
3165:
1186:Fattouh, Bassam; Kilian, Lutz; Mahadeva, Lavan.
1149:
1147:
1059:Fattouh, Bassam; Kilian, Lutz; Mahadeva, Lavan.
635:Historical Dictionary of the Petroleum Industry
366:pushed prices downwards into negative territory
298:Adoption of WTI futures for investment purposes
1518:
1516:
219:Platts and Argus assessed values at the time.
1651:
1458:. Oxford Energy Forum May 2011. p. 110.
1144:
793:
791:
789:
567:"Crude Oil Prices – 70 Year Historical Chart"
376:Pricing premium/discount in relation to Brent
1529:. Purvin & Gertz Inc. pp. 110–112.
920:
725:"Chapter 200: Light Sweet Crude Oil Futures"
273:
1513:
1658:
1644:
1587:"The Role of WTI as a Crude Oil Benchmark"
1524:"The Role of WTI as a Crude Oil Benchmark"
1424:"The Role of WTI as a Crude Oil Benchmark"
886:"The Role of WTI as a Crude Oil Benchmark"
855:"The Role of WTI as a Crude Oil Benchmark"
829:. Purvin & Gertz Inc. pp. 24–27.
824:"The Role of WTI as a Crude Oil Benchmark"
786:
719:
717:
715:
713:
687:"The Role of WTI as a Crude Oil Benchmark"
601:"The Role of WTI as a Crude Oil Benchmark"
458:Brent crude production and trading factors
763:"Specifications guide Americas crude oil"
236:Price Reporting Agencies (PRAs), such as
1347:. US Energy Information Administration.
1156:"The Rise of Retail and the Fall of WTI"
757:
755:
753:
751:
595:
593:
591:
589:
587:
379:
81:; the term is also used to refer to the
26:
18:
2578:China National Offshore Oil Corporation
1627:West Texas Intermediate (WTI) (WTISPLC)
1592:. Purvin & Gertz Inc. p. 113.
1429:. Purvin & Gertz Inc. p. 110.
1235:
1233:
1161:. Oxford Institute for Energy Studies.
1021:
710:
439:
368:. This situation is an extreme case of
3166:
2452:Unconventional (oil and gas) reservoir
2211:2020 Russia–Saudi Arabia oil price war
1665:
1621:U.S. Energy Information Administration
1499:US Energy Information Administration,
891:. Purvin & Gertz Inc. p. 96.
860:. Purvin & Gertz Inc. p. 95.
606:. Purvin & Gertz Inc. p. 24.
223:Development of the physical WTI market
1639:
1553:
1153:
971:
748:
692:. Purvin & Gertz Inc. p. 7.
584:
175:NYMEX WTI futures contract (May 2020)
93:. The WTI oil grade is also known as
2583:China National Petroleum Corporation
1313:
1230:
422:
257:NYMEX WTI Crude Oil futures contract
91:New York Mercantile Exchange (NYMEX)
1479:Energy Information Administration,
1253:from the original on April 20, 2020
1094:. Bloomberg Professional Services.
352:WTI Negative Pricing April 20, 2020
105:because of its low sulfur content.
46:Price of oil adjusted for inflation
13:
2643:National Iranian South Oil Company
2359:Western Canadian Sedimentary Basin
954:"Crude Oil Futures Contract Specs"
14:
3195:
3111:Intercontinental Exchange Futures
3000:Chicago Bridge & Iron Company
2653:Oil & Gas Development Company
1614:
1453:
921:Fattouh, Bassam; Imsirovic, Adi.
142:Oil industry in Cushing, Oklahoma
3148:
3147:
1345:"Cushing, OK WTI Spot Price FOB"
511:
497:
181:Argus WTI Assessment (Mar 2020)
178:Platts WTI assessment (May 2020)
51:
39:
2658:Oil and Natural Gas Corporation
1629:, time series from 1946 at the
1599:from the original on 2020-09-21
1579:
1568:from the original on 2020-06-25
1547:
1536:from the original on 2020-09-21
1493:
1473:
1462:from the original on 2023-11-01
1447:
1436:from the original on 2020-09-21
1416:
1405:from the original on 2020-05-12
1391:
1380:from the original on 2020-04-17
1362:
1351:from the original on 2020-06-09
1337:
1326:from the original on 2020-09-23
1307:
1286:
1265:
1211:
1200:from the original on 2020-09-23
1179:
1168:from the original on 2020-05-27
1133:from the original on 2014-11-14
1113:
1102:from the original on 2020-06-03
1084:
1073:from the original on 2020-09-23
1052:
996:
985:from the original on 2009-09-25
979:"Light Sweet Crude Oil Futures"
960:from the original on 2020-06-12
946:
935:from the original on 2020-07-27
898:from the original on 2020-09-21
878:
867:from the original on 2020-09-21
847:
836:from the original on 2020-09-21
805:from the original on 2021-01-26
775:from the original on 2020-04-22
737:from the original on 2020-05-28
699:from the original on 2020-09-21
668:from the original on 2023-03-15
637:. Lanham, MD: Scarecrow Press.
613:from the original on 2020-09-21
573:from the original on 2022-04-18
3184:Petroleum in the United States
3126:Society of Petroleum Engineers
2897:Port Harcourt Refining Company
2563:Abu Dhabi National Oil Company
816:
679:
648:
624:
559:
136:WTI crude oil as a trade grade
1:
2072:Production sharing agreements
1481:Rail delivery of US Petroleum
923:"Oil Benchmarks Under Stress"
768:. S&P Global. p. 6.
552:
397: West Texas Intermediate
250:Argus Sour Crude Index (ASCI)
158:, and crude oil sweetness by
3106:Canadian petroleum companies
3101:American Petroleum Institute
2638:National Iranian Oil Company
2623:Kuwait Petroleum Corporation
7:
3121:International Energy Agency
2106:Enhanced oil recovery (EOR)
1034:. CME Group. Archived from
490:
268:Chicago Mercantile Exchange
31:WTI crude oil price (daily)
10:
3200:
2708:PTT Public Company Limited
2309:East Midlands Oil Province
2294:List of natural gas fields
1894:Integrated asset modelling
1456:"WTI and Brent Benchmarks"
1121:"S&P GSCI Methodology"
532:List of crude oil products
407:
401:
206:Below 0.42% sulfur content
189:Between 37 and 42 degrees
139:
3143:
3093:
3080:Weatherford International
2959:
2809:
2761:
2613:Iraq National Oil Company
2549:
2506:
2491:
2482:
2367:
2284:
2166:
2052:
1946:
1874:
1817:
1776:
1769:
1691:
1673:
1370:"Friction in oil markets"
1227:Investor's Daily Business
661:. Government of Alberta.
527:Dubai Mercantile Exchange
305:Bloomberg Commodity Index
274:Futures contract delivery
547:Petroleum classification
246:benchmark in oil pricing
195:41.4 degrees API gravity
99:benchmark in oil pricing
3131:World Petroleum Council
3005:China Oilfield Services
2062:Petroleum fiscal regime
1761:Western Canadian Select
1756:West Texas Intermediate
1303:The Dallas Morning News
1282:Financial Post Business
321:institutional investors
198:40 degrees API gravity
77:) is a grade or mix of
71:West Texas Intermediate
2608:Indian Oil Corporation
2094:Submersible pump (ESP)
2039:Underbalanced drilling
1860:of gasoline and diesel
399:
288:Payne County, Oklahoma
58:Price of oil (nominal)
32:
24:
2985:Cameron International
2427:Petrodollar recycling
2410:fossil fuel phase-out
1973:Differential sticking
1926:Reflection seismology
1899:Petroleum engineering
1741:OPEC Reference Basket
410:OPEC Reference Basket
383:
140:Further information:
130:OPEC reference basket
30:
22:
3174:Benchmark crude oils
2882:Occidental Petroleum
2196:1990 oil price shock
2022:Shale oil extraction
1995:Drilling engineering
1978:Directional drilling
1904:Reservoir simulation
440:Freight rate factors
3030:Naftiran Intertrade
2975:Amec Foster Wheeler
2902:Reliance Industries
2791:Naftiran Intertrade
2603:Hindustan Petroleum
2201:2000s energy crisis
1320:advice.epwealth.com
168:
2877:Marathon Petroleum
2299:List of oil fields
1909:Reservoir modeling
1667:Petroleum industry
1506:2014-12-13 at the
1486:2013-07-16 at the
1298:2020-04-20 at the
1277:2020-04-20 at the
1249:. April 20, 2020.
1223:2022-12-24 at the
419:price benchmarks.
400:
166:
116:. Other important
33:
25:
3161:
3160:
3139:
3138:
3025:Nabors Industries
2955:
2954:
2153:Well intervention
2128:Petroleum product
2027:Ljungström method
1931:Seismic inversion
1916:Petroleum geology
1870:
1869:
1454:Morse, Edward L.
1154:Bouchouev, Ilia.
423:US supply factors
358:COVID-19 pandemic
313:financial markets
284:Cushing Oil Field
279:Cushing, Oklahoma
216:
215:
152:Cushing, Oklahoma
95:Texas light sweet
3191:
3179:Economy of Texas
3151:
3150:
2852:Hess Corporation
2573:Bharat Petroleum
2504:
2503:
2489:
2488:
2176:1967 Oil Embargo
2012:Lost circulation
1850:Posted oil price
1774:
1773:
1731:Isthmus-34 Light
1660:
1653:
1646:
1637:
1636:
1608:
1607:
1605:
1604:
1598:
1591:
1583:
1577:
1576:
1574:
1573:
1567:
1560:
1554:Imsirovic, Adi.
1551:
1545:
1544:
1542:
1541:
1535:
1528:
1520:
1511:
1497:
1491:
1477:
1471:
1470:
1468:
1467:
1451:
1445:
1444:
1442:
1441:
1435:
1428:
1420:
1414:
1413:
1411:
1410:
1395:
1389:
1388:
1386:
1385:
1366:
1360:
1359:
1357:
1356:
1341:
1335:
1334:
1332:
1331:
1314:Phillips, Adam.
1311:
1305:
1290:
1284:
1269:
1263:
1262:
1260:
1258:
1237:
1228:
1215:
1209:
1208:
1206:
1205:
1199:
1192:
1183:
1177:
1176:
1174:
1173:
1167:
1160:
1151:
1142:
1141:
1139:
1138:
1132:
1125:
1117:
1111:
1110:
1108:
1107:
1088:
1082:
1081:
1079:
1078:
1072:
1065:
1056:
1050:
1049:
1047:
1046:
1040:
1033:
1025:
1019:
1018:
1016:
1015:
1006:. Archived from
1000:
994:
993:
991:
990:
975:
969:
968:
966:
965:
950:
944:
943:
941:
940:
934:
927:
918:
907:
906:
904:
903:
897:
890:
882:
876:
875:
873:
872:
866:
859:
851:
845:
844:
842:
841:
835:
828:
820:
814:
813:
811:
810:
795:
784:
783:
781:
780:
774:
767:
759:
746:
745:
743:
742:
736:
729:
721:
708:
707:
705:
704:
698:
691:
683:
677:
676:
674:
673:
667:
660:
652:
646:
631:Marius Vassiliou
628:
622:
621:
619:
618:
612:
605:
597:
582:
581:
579:
578:
563:
521:
516:
515:
514:
507:
502:
501:
396:
387:
325:investment funds
169:
165:
55:
43:
3199:
3198:
3194:
3193:
3192:
3190:
3189:
3188:
3164:
3163:
3162:
3157:
3135:
3089:
3085:John Wood Group
3075:Valaris Limited
2968:
2965:
2962:
2951:
2817:APA Corporation
2805:
2757:
2556:
2553:
2545:
2500:
2497:
2494:
2484:
2478:
2379:Classification
2363:
2286:
2280:
2216:Nationalization
2186:1979 oil crisis
2181:1973 oil crisis
2162:
2148:Water injection
2116:Steam injection
2111:Gas reinjection
2079:Artificial lift
2048:
1990:Drill stem test
1942:
1866:
1813:
1765:
1687:
1669:
1664:
1617:
1612:
1611:
1602:
1600:
1596:
1589:
1585:
1584:
1580:
1571:
1569:
1565:
1558:
1552:
1548:
1539:
1537:
1533:
1526:
1522:
1521:
1514:
1510:, 28 June 2013.
1508:Wayback Machine
1498:
1494:
1490:, 10 July 2013.
1488:Wayback Machine
1478:
1474:
1465:
1463:
1452:
1448:
1439:
1437:
1433:
1426:
1422:
1421:
1417:
1408:
1406:
1397:
1396:
1392:
1383:
1381:
1368:
1367:
1363:
1354:
1352:
1343:
1342:
1338:
1329:
1327:
1312:
1308:
1300:Wayback Machine
1291:
1287:
1279:Wayback Machine
1270:
1266:
1256:
1254:
1239:
1238:
1231:
1225:Wayback Machine
1216:
1212:
1203:
1201:
1197:
1190:
1184:
1180:
1171:
1169:
1165:
1158:
1152:
1145:
1136:
1134:
1130:
1123:
1119:
1118:
1114:
1105:
1103:
1090:
1089:
1085:
1076:
1074:
1070:
1063:
1057:
1053:
1044:
1042:
1038:
1031:
1027:
1026:
1022:
1013:
1011:
1002:
1001:
997:
988:
986:
977:
976:
972:
963:
961:
952:
951:
947:
938:
936:
932:
925:
919:
910:
901:
899:
895:
888:
884:
883:
879:
870:
868:
864:
857:
853:
852:
848:
839:
837:
833:
826:
822:
821:
817:
808:
806:
801:. Argus Media.
797:
796:
787:
778:
776:
772:
765:
761:
760:
749:
740:
738:
734:
727:
723:
722:
711:
702:
700:
696:
689:
685:
684:
680:
671:
669:
665:
658:
654:
653:
649:
629:
625:
616:
614:
610:
603:
599:
598:
585:
576:
574:
565:
564:
560:
555:
517:
512:
510:
503:
496:
493:
460:
449:freight costs.
442:
434:Seaway Pipeline
425:
412:
406:
398:
394:
392:
385:
378:
354:
337:
300:
276:
259:
234:
225:
172:Characteristics
144:
138:
68:
67:
66:
65:
61:
60:
59:
56:
48:
47:
44:
17:
12:
11:
5:
3197:
3187:
3186:
3181:
3176:
3159:
3158:
3156:
3155:
3144:
3141:
3140:
3137:
3136:
3134:
3133:
3128:
3123:
3118:
3113:
3108:
3103:
3097:
3095:
3091:
3090:
3088:
3087:
3082:
3077:
3072:
3067:
3062:
3057:
3052:
3047:
3042:
3037:
3032:
3027:
3022:
3017:
3012:
3007:
3002:
2997:
2992:
2987:
2982:
2977:
2971:
2969:
2960:
2957:
2956:
2953:
2952:
2950:
2949:
2944:
2939:
2934:
2929:
2924:
2922:Surgutneftegas
2919:
2914:
2909:
2904:
2899:
2894:
2889:
2884:
2879:
2874:
2869:
2864:
2859:
2854:
2849:
2844:
2842:Eneos Holdings
2839:
2834:
2832:ConocoPhillips
2829:
2824:
2822:Cenovus Energy
2819:
2813:
2811:
2807:
2806:
2804:
2803:
2798:
2793:
2788:
2783:
2778:
2773:
2767:
2765:
2763:Energy trading
2759:
2758:
2756:
2755:
2750:
2745:
2740:
2735:
2730:
2725:
2720:
2715:
2710:
2705:
2700:
2695:
2690:
2685:
2680:
2675:
2670:
2665:
2660:
2655:
2650:
2645:
2640:
2635:
2630:
2625:
2620:
2615:
2610:
2605:
2600:
2595:
2590:
2585:
2580:
2575:
2570:
2565:
2559:
2557:
2550:
2547:
2546:
2544:
2543:
2538:
2533:
2528:
2523:
2518:
2512:
2510:
2501:
2492:
2486:
2480:
2479:
2477:
2476:
2475:
2474:
2469:
2464:
2459:
2449:
2447:Swing producer
2444:
2439:
2434:
2429:
2424:
2419:
2418:
2417:
2412:
2402:
2397:
2392:
2391:
2390:
2385:
2377:
2371:
2369:
2365:
2364:
2362:
2361:
2356:
2351:
2346:
2341:
2336:
2331:
2326:
2321:
2319:Gulf of Mexico
2316:
2311:
2306:
2301:
2296:
2290:
2288:
2282:
2281:
2279:
2278:
2273:
2268:
2263:
2258:
2253:
2248:
2243:
2238:
2233:
2228:
2223:
2218:
2213:
2208:
2206:2010s oil glut
2203:
2198:
2193:
2191:1980s oil glut
2188:
2183:
2178:
2172:
2170:
2164:
2163:
2161:
2160:
2155:
2150:
2145:
2140:
2135:
2130:
2125:
2120:
2119:
2118:
2113:
2103:
2098:
2097:
2096:
2091:
2086:
2076:
2075:
2074:
2069:
2058:
2056:
2050:
2049:
2047:
2046:
2041:
2036:
2031:
2030:
2029:
2019:
2014:
2009:
2008:
2007:
2000:Drilling fluid
1997:
1992:
1987:
1986:
1985:
1975:
1970:
1969:
1968:
1958:
1952:
1950:
1944:
1943:
1941:
1940:
1938:Seismic source
1935:
1934:
1933:
1923:
1918:
1913:
1912:
1911:
1906:
1896:
1891:
1886:
1880:
1878:
1872:
1871:
1868:
1867:
1865:
1864:
1863:
1862:
1852:
1847:
1842:
1837:
1832:
1827:
1821:
1819:
1815:
1814:
1812:
1811:
1806:
1801:
1796:
1791:
1786:
1780:
1778:
1771:
1767:
1766:
1764:
1763:
1758:
1753:
1748:
1743:
1738:
1736:Japan Cocktail
1733:
1728:
1723:
1718:
1713:
1708:
1703:
1697:
1695:
1689:
1688:
1686:
1685:
1683:Primary energy
1680:
1674:
1671:
1670:
1663:
1662:
1655:
1648:
1640:
1634:
1633:
1624:
1616:
1615:External links
1613:
1610:
1609:
1578:
1546:
1512:
1492:
1472:
1446:
1415:
1390:
1361:
1336:
1306:
1285:
1264:
1229:
1210:
1178:
1143:
1112:
1083:
1051:
1020:
995:
970:
945:
908:
877:
846:
815:
785:
747:
709:
678:
647:
623:
583:
557:
556:
554:
551:
550:
549:
544:
539:
534:
529:
523:
522:
508:
492:
489:
459:
456:
441:
438:
424:
421:
416:shale oil boom
402:Main article:
393:
384:
377:
374:
353:
350:
336:
333:
299:
296:
275:
272:
258:
255:
233:
230:
224:
221:
214:
213:
210:
207:
204:
200:
199:
196:
193:
187:
183:
182:
179:
176:
173:
137:
134:
124:, Oman crude,
63:
62:
57:
50:
49:
45:
38:
37:
36:
35:
34:
15:
9:
6:
4:
3:
2:
3196:
3185:
3182:
3180:
3177:
3175:
3172:
3171:
3169:
3154:
3146:
3145:
3142:
3132:
3129:
3127:
3124:
3122:
3119:
3117:
3114:
3112:
3109:
3107:
3104:
3102:
3099:
3098:
3096:
3092:
3086:
3083:
3081:
3078:
3076:
3073:
3071:
3068:
3066:
3063:
3061:
3058:
3056:
3053:
3051:
3048:
3046:
3043:
3041:
3038:
3036:
3033:
3031:
3028:
3026:
3023:
3021:
3018:
3016:
3013:
3011:
3008:
3006:
3003:
3001:
2998:
2996:
2993:
2991:
2988:
2986:
2983:
2981:
2978:
2976:
2973:
2972:
2970:
2967:
2958:
2948:
2947:Valero Energy
2945:
2943:
2940:
2938:
2935:
2933:
2930:
2928:
2925:
2923:
2920:
2918:
2915:
2913:
2912:Suncor Energy
2910:
2908:
2905:
2903:
2900:
2898:
2895:
2893:
2890:
2888:
2885:
2883:
2880:
2878:
2875:
2873:
2870:
2868:
2865:
2863:
2860:
2858:
2855:
2853:
2850:
2848:
2845:
2843:
2840:
2838:
2835:
2833:
2830:
2828:
2825:
2823:
2820:
2818:
2815:
2814:
2812:
2808:
2802:
2799:
2797:
2794:
2792:
2789:
2787:
2784:
2782:
2779:
2777:
2774:
2772:
2769:
2768:
2766:
2764:
2760:
2754:
2751:
2749:
2746:
2744:
2741:
2739:
2736:
2734:
2731:
2729:
2726:
2724:
2721:
2719:
2716:
2714:
2711:
2709:
2706:
2704:
2701:
2699:
2696:
2694:
2691:
2689:
2686:
2684:
2681:
2679:
2676:
2674:
2671:
2669:
2666:
2664:
2661:
2659:
2656:
2654:
2651:
2649:
2646:
2644:
2641:
2639:
2636:
2634:
2631:
2629:
2626:
2624:
2621:
2619:
2616:
2614:
2611:
2609:
2606:
2604:
2601:
2599:
2596:
2594:
2591:
2589:
2586:
2584:
2581:
2579:
2576:
2574:
2571:
2569:
2566:
2564:
2561:
2560:
2558:
2555:
2548:
2542:
2541:TotalEnergies
2539:
2537:
2534:
2532:
2529:
2527:
2524:
2522:
2519:
2517:
2514:
2513:
2511:
2509:
2505:
2502:
2499:
2490:
2487:
2485:organisations
2483:Companies and
2481:
2473:
2470:
2468:
2465:
2463:
2460:
2458:
2455:
2454:
2453:
2450:
2448:
2445:
2443:
2440:
2438:
2435:
2433:
2430:
2428:
2425:
2423:
2422:Petrocurrency
2420:
2416:
2413:
2411:
2408:
2407:
2406:
2403:
2401:
2398:
2396:
2395:Oil shale gas
2393:
2389:
2386:
2384:
2381:
2380:
2378:
2376:
2375:Abbreviations
2373:
2372:
2370:
2366:
2360:
2357:
2355:
2352:
2350:
2347:
2345:
2342:
2340:
2337:
2335:
2334:Permian Basin
2332:
2330:
2327:
2325:
2322:
2320:
2317:
2315:
2312:
2310:
2307:
2305:
2302:
2300:
2297:
2295:
2292:
2291:
2289:
2283:
2277:
2274:
2272:
2271:United States
2269:
2267:
2264:
2262:
2259:
2257:
2254:
2252:
2249:
2247:
2244:
2242:
2239:
2237:
2234:
2232:
2231:Seven Sisters
2229:
2227:
2224:
2222:
2219:
2217:
2214:
2212:
2209:
2207:
2204:
2202:
2199:
2197:
2194:
2192:
2189:
2187:
2184:
2182:
2179:
2177:
2174:
2173:
2171:
2169:
2165:
2159:
2156:
2154:
2151:
2149:
2146:
2144:
2141:
2139:
2136:
2134:
2131:
2129:
2126:
2124:
2121:
2117:
2114:
2112:
2109:
2108:
2107:
2104:
2102:
2099:
2095:
2092:
2090:
2087:
2085:
2082:
2081:
2080:
2077:
2073:
2070:
2068:
2065:
2064:
2063:
2060:
2059:
2057:
2055:
2051:
2045:
2042:
2040:
2037:
2035:
2032:
2028:
2025:
2024:
2023:
2020:
2018:
2015:
2013:
2010:
2006:
2003:
2002:
2001:
1998:
1996:
1993:
1991:
1988:
1984:
1981:
1980:
1979:
1976:
1974:
1971:
1967:
1964:
1963:
1962:
1959:
1957:
1954:
1953:
1951:
1949:
1945:
1939:
1936:
1932:
1929:
1928:
1927:
1924:
1922:
1919:
1917:
1914:
1910:
1907:
1905:
1902:
1901:
1900:
1897:
1895:
1892:
1890:
1887:
1885:
1884:Core sampling
1882:
1881:
1879:
1877:
1873:
1861:
1858:
1857:
1856:
1853:
1851:
1848:
1846:
1843:
1841:
1838:
1836:
1833:
1831:
1828:
1826:
1823:
1822:
1820:
1816:
1810:
1807:
1805:
1802:
1800:
1797:
1795:
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2980:Baker Hughes
2872:Marathon Oil
2862:Imperial Oil
2857:Husky Energy
2847:Galp Energia
2837:Devon Energy
2723:Saudi Aramco
2703:Petrovietnam
2648:NNPC Limited
2552:National oil
2432:Petrofiction
2400:Orphan wells
2368:Other topics
2339:Persian Gulf
2266:Saudi Arabia
2236:Standard Oil
2044:Well logging
1921:Petrophysics
1755:
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519:Texas portal
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404:Price of oil
362:market power
355:
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209:0.37% sulfur
145:
120:include the
107:
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3020:Halliburton
2892:Phillips 66
2713:QatarEnergy
2683:Petrobangla
2618:KazMunayGas
2508:Supermajors
2457:heavy crude
2344:Prudhoe Bay
2324:Niger Delta
2304:Caspian Sea
2067:Concessions
2017:Measurement
1983:Geosteering
1966:Squeeze job
1876:Exploration
1825:Consumption
1784:Consumption
1777:Natural gas
1706:Bonny Light
537:Petrobourse
390:Brent Crude
242:Argus Media
191:API gravity
156:oil gravity
148:Brent Crude
122:Dubai crude
118:oil markers
110:Brent crude
85:price, the
3168:Categories
3070:Transocean
2937:Tullow Oil
2927:TechnipFMC
2693:PetroChina
2531:ExxonMobil
2437:Shale band
2314:East Texas
2287:and fields
2101:Downstream
2054:Production
1961:Completion
1889:Geophysics
1830:Production
1789:Production
1726:Indonesian
1701:Argus Sour
1693:Benchmarks
1603:2020-05-30
1572:2020-05-15
1540:2020-05-30
1466:2020-05-31
1440:2020-05-30
1409:2020-04-21
1384:2020-04-21
1355:2020-05-31
1330:2020-07-30
1204:2020-05-30
1172:2020-05-27
1137:2020-05-06
1106:2020-05-06
1077:2020-05-30
1045:2013-04-17
1014:2013-04-17
989:2013-04-17
964:2020-05-30
939:2020-05-30
902:2020-05-30
871:2020-05-30
840:2020-05-30
809:2020-05-30
779:2020-05-30
741:2020-05-30
703:2020-05-30
672:2023-11-01
617:2020-05-30
577:2022-04-19
553:References
451:Oil tanker
447:oil tanker
430:arbitraged
408:See also:
329:portfolios
263:volatility
128:, and the
3065:TC Energy
2966:companies
2796:Trafigura
2743:Sonatrach
2688:Petrobras
2678:Pertamina
2588:Ecopetrol
2554:companies
2498:companies
2496:petroleum
2472:tight oil
2467:oil shale
2462:oil sands
2442:Shale gas
2383:sweet oil
2354:Venezuela
2329:North Sea
2285:Provinces
2276:Venezuela
2123:Midstream
1818:Petroleum
1678:Petroleum
1374:FRED Blog
1257:April 20,
542:Petroeuro
203:Sweetness
186:Lightness
126:Urals oil
114:North Sea
112:from the
79:crude oil
3153:Category
3060:Subsea 7
3040:Petrofac
3035:NOV Inc.
3015:GE Power
3010:Enbridge
2964:services
2786:Mercuria
2776:Glencore
2738:Sonangol
2698:Petronas
2633:Naftogaz
2405:Peak oil
2388:sour oil
2143:Upstream
2138:Refining
2133:Pipeline
2089:Pumpjack
2084:Gas lift
2005:invasion
1948:Drilling
1835:Reserves
1794:Reserves
1594:Archived
1563:Archived
1531:Archived
1504:Archived
1484:Archived
1460:Archived
1431:Archived
1403:Archived
1378:Archived
1349:Archived
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1275:Archived
1251:Archived
1221:Archived
1195:Archived
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1128:Archived
1100:Archived
1068:Archived
983:Archived
958:Archived
930:Archived
893:Archived
862:Archived
831:Archived
803:Archived
770:Archived
732:Archived
694:Archived
663:Archived
633:(2009).
608:Archived
571:Archived
491:See also
370:contango
342:contango
307:and the
2728:Sinopec
2718:Rosneft
2598:Gazprom
2593:Equinor
2521:Chevron
2168:History
2034:Tracers
1956:Blowout
1845:Exports
1840:Imports
1804:Exports
1799:Imports
477:Ekofisk
473:Oseberg
469:Forties
317:traders
146:Unlike
87:futures
3094:Others
3045:Saipem
2942:Tüpraş
2932:TNK-BP
2917:Sunoco
2907:Repsol
2867:Lukoil
2810:Others
2781:Gunvor
2415:timing
2349:Russia
2261:Norway
2246:France
2241:Canada
641:
479:, and
395:
388:
386:
238:Platts
160:sulfur
2961:Major
2827:Cepsa
2801:Vitol
2771:Enron
2733:SOCAR
2673:Pemex
2668:PDVSA
2663:Orlen
2628:Lotos
2568:ANCAP
2536:Shell
2493:Major
2251:India
1855:Price
1809:Price
1751:Urals
1746:Tapis
1716:Dubai
1711:Brent
1597:(PDF)
1590:(PDF)
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481:Troll
465:Brent
103:sweet
3055:Snam
2995:CH2M
2748:TPAO
2256:Iraq
2226:OPEC
2221:GECF
1770:Data
1259:2020
1246:CNBC
639:ISBN
364:and
327:and
319:and
261:The
240:and
83:spot
2990:CGG
2887:OMV
2753:YPF
2526:Eni
315:by
75:WTI
3170::
2516:BP
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