North Sea Brent Crude Futures at $100.50

[Audi Junkie]

NEW YORK (Dow Jones)--Oil futures crept higher Wednesday after an industry group said U.S. oil supplies fell last week, while attention turned to the U.S. government's more closely watched inventory report due later in the day.

Light, sweet crude for March delivery rose 30 cents, or 0.4%, at $87.24 a barrel a barrel on the New York Mercantile Exchange. Brent crude on the ICE futures exchange added 58 cents, or 0.6%, at $100.50 a barrel.

Futures prices were lifted after American Petroleum Institute late Tuesday reported a surprise 600,000-barrel ...


http://online.wsj.com/article/BT-CO-20110209-710189.html

 

[meangreen01]

Link posted is for WSJ subscribers only.

 

[Turk]

We're still at $3.11 a gallon. hasn't gone up "yet".

 

[hillclimber]

Originally Posted By: meangreen01
Link posted is for WSJ subscribers only.


Go to the Google news page and copy and paste the WSJ article title into the 'search news' box, then click on the link that google finds. Voila, the whole article. Works every time.

Brent crude is always higher than West Texas Intermediate, I believe, which is the figure that is usually quoted in the news. WTI is about $87 today.

 

[bruno]

And Bonny Light is a couple of bucks higher than Brent ... so what ?

 

[HTSS_TR]

Originally Posted By: tpitcher
We're still at $3.11 a gallon. hasn't gone up "yet".

Will go up very very soon. Most stations in my area is $3.49 or higher for 87 Octane.

 

[ottotheclown]

Just keep away from the gas stations in Brent Crude area.

Originally Posted By: hillclimber
Originally Posted By: meangreen01
Link posted is for WSJ subscribers only.


Go to the Google news page and copy and paste the WSJ article title into the 'search news' box, then click on the link that google finds. Voila, the whole article. Works every time.

Brent crude is always higher than West Texas Intermediate, I believe, which is the figure that is usually quoted in the news. WTI is about $87 today.

 

[odie]

We'll likely catch up and pass the BRENT as we get nearer to MEMORIAL DAY . During the last spike it was above the BRENT . They're striking in EGYPT , so the SUEZ CANAL / oil pipe line may come to a temporary halt . Not good .

 

[Tornado Red]

Originally Posted By: odie
We'll likely catch up and pass the BRENT as we get nearer to MEMORIAL DAY . During the last spike it was above the BRENT . They're striking in EGYPT , so the SUEZ CANAL / oil pipe line may come to a temporary halt . Not good .


Brent is turning out not to be a good benchmark, because the supplies of sweet oil which can be delivered against that contract are limited and declining, to the point where that market can be too easily manipulated.

And, the West Texas Intermediate crude traded on the NYMEX is also a flawed benchmark, because all the oil flows to Cushing Oklahoma and then toward the Midwest, but it does not flow to the Gulf Coast or the East Coast because the pipelines flow in the wrong direction.

Either there will be new benchmark crudes traded in New York and London, or else these markets will decline and the new benchmarks will be Persian Gulf crudes traded on the Oman exchange, or the Eastern Siberia-Pacific Ocean crude traded in Tokyo or Singapore or somewhere else. This would be bad for producers and consumers in North America and Europe, because it would put OPEC back in the driver's seat with the Russians riding shotgun.