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WTI And Brent Crude Oil Prices Slender Within the Oil Market

September Brent crude oil futures rose by $zero.07 and closed at $forty eight.81 per crude oil price chart by month barrel on August 18, 2015. In contrast, US WTI (West Texas Intermediate) crude oil futures contracts for September delivery rose by $0.Seventy five and settled at $forty two.Sixty two per barrel yesterday. The WTI and Brent differential was at $6.19 per barrel as of August 18, 2015. The typical differential between WTI and Brent was at $6 per barrel in July 2015. Nevertheless, it’s at $5 per barrel as of August 18, 2015. The US and Brent crude oil spread is narrowing.

The narrowing spread advantages US upstream gamers. In contrast, wider spreads benefit oil refining companies like Marathon Petroleum (MPC), Tesoro (TSO), and Valero Vitality (VLO). These stocks account for 7.12% of ETFs just like the Select Sector SPDR Fund ETF (XLE). Power ETFs like the Select Sector SPDR Fund ETF (XLE) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) are also impacted by decrease crude oil costs.

The mammoth production from the US and the appreciating US dollar will continue to put downward strain on US WTI crude oil costs. The file manufacturing from Saudi Arabia, Iran, and Iraq would crude oil price chart by month proceed to drag Brent crude oil decrease. The lengthy-term oversupply considerations and slowing demand estimates may put pressure on crude oil prices.

Crude oil benchmark
WTI is the US benchmark for crude oil Refinery costs. WTI is priced at Cushing, Oklahoma—the delivery point for NYMEX crude oil futures contracts. WTI is the receiving price of oil producers in the US. In contrast, Brent crude oil is the global benchmark for crude oil. Brent crude oil represents the receiving worth of international crude oil producers.

The rising spread between WTI and Brent means that US crude oil refiners pay much less to purchase crude oil—compared to the international refiners. This advantages US refiners. The narrowing unfold implies that US oil producers promote crude oil costs equal to international oil producers. This benefits US oil producers.