Sentences with phrase «used oil benchmark»
A hairline crack on a single pipeline has exposed the vulnerability of Dated Brent, the world's most widely used oil benchmark price
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The price of a barrel of oil, using the WTI benchmark, rose from $ 29.70 to $ 76.32 from mid-2000 to mid-2010, an increase of 157 % in only 10 years.
The plan is to launch an oil futures contract on the Shanghai International Energy Exchange (INE), but there are obstacles in convincing large oil producers and consumers in using the yuan and investing in the Shanghai benchmark.
The Shanghai oil futures contract is similarly designed to wrest some control over pricing from the main benchmarks in New York and London — West Texas Intermediate (WTI) and Brent — and to promote the use of the yuan, also known as the renminbi.
Moving viscous Canadian oil in tank cars used to be «more of a temporary fix» to transportation bottlenecks that earlier this year pushed prices for Western Canada Select to US$ 40 below the West Texas intermediate benchmark, he said.
In the last year, the spread between what a barrel of oil is worth in the Midwest (called WTI — which is usually the oil price you see on the nightly news) and what it's worth either on the Gulf Coast (LLS) or when shipped to Europe (called Brent — which is generally used as a benchmark for world prices) has widened to historic levels.
The weights of individual oil benchmarks are inferred over history from Statistics Canada's total crude oil production values using the same methodology described above.
The main difference between ICE and NYMEX when it comes to oil is the difference in benchmarks used.
Since 1999, the price of West Texas Intermediate — one of the price benchmarks for oil used today in the market — has jumped by nearly 700 %, reaching a peak of $ 147 in 2008.
NYMEX crude oil futures have a ticker symbol of CL, give the buyer control of 1,000 barrels of oil, and use the West Texas Intermediate (WTI) benchmark for oil.
This could see the world's No 3 oil consumer cutting use further just as weak global demand and ample supply are already pushing the international Brent benchmark to multi-year lows.
Government officials use historical data to establish a carbon intensity benchmark for each oil sands facility, and under the regulation producers are required to reduce annual emissions intensity to 12 per cent (15 per cent in 2016 and rising to 20 per cent in 2017) below their respective per - barrel benchmarks.