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Light Crude Oil

Light crude oil is liquid petroleum that has a low density and flows freely at room temperature.[1] It has a low viscosity, low specific gravity and high API gravity as a result of presence of a excessive proportion of gentle hydrocarbon fractions.[2] It usually has a low wax content material. Mild crude oil receives a higher worth than heavy crude oil on commodity markets as a result of it produces the next proportion of gasoline and diesel gas when transformed into products by an oil refinery.

1 Varying standards
2 Examples of light crude oils
3 U.S. worth three.1 Buying and selling

Varying standards[edit]

The clear lower definition of mild and heavy crude varies as a result of the classification is based more on sensible grounds than theoretical. The new York Mercantile Change (NYMEX) defines mild crude oil for home U.S. oil as having an API gravity between 37° API (840 kg/m3) and 42° API (816 kg/m3), while it defines gentle crude oil for non-U.S. oil as being between 32° API (865 kg/m3) and 42° API (816 kg/m3).[Three] The National Energy Board of Canada defines gentle crude oil as having a density less than 875.7 kg/m3 (API gravity greater than 30.1° API).[Four] The government of Alberta, which produces many of the oil in Canada, disagrees and defines it as oil with a density lower than 850 kg/m3 (API gravity larger than 35° API) [5] The Mexican state oil company, Pemex, defines light crude oil as being between 27° API (893 kg/m3) and 38° API (835 kg/m3).[6] This variation in definition occurred because international locations corresponding to Canada and Mexico are likely to have heavier crude oils than are commonly found within the United States, whose massive oil fields historically produced lighter oils than are discovered in many other countries. Canada additionally uses the SI of models to measure oil somewhat than American oil trade standard models, and the bottom temperature for density calculations is totally different in Canada at 15 °C (fifty nine °F) than the US at 60 °F (15.Fifty six °C), resulting in barely completely different density values.

Examples of light crude oils[edit]
A wide variety of benchmark crude oils worldwide are thought-about to be mild. Essentially the most prominent in North America is West Texas Intermediate which has an API gravity of 39.6° API (827 kg/m3). It is usually referred to by publications when quoting oil prices. The mostly referenced benchmark oil from Europe is Brent Crude, which is 38.06° API (835 kg/m3). The third most commonly quoted benchmark is Dubai Crude, which is 31° API (871 kg/m3). This is taken into account mild by Arabian standards however wouldn’t be thought-about light if produced in the U.S.

The largest oil discipline on the planet, Saudi Arabia’s Ghawar discipline, produces gentle crude oils starting from 33° API (860 kg/m3) to 40° API (825 kg/m3)

U.S. worth[edit]
In the United States, the price of the front month mild candy crude oil futures contract, traded on the NYMEX commodity trade (image CL), is broadly reported as a proxy for the cost of imported crude oil. These contracts have supply dates in all 12 months of the yr.[7] From beneath $20 a barrel in early 2002, it rose to an intraday peak of $70.Eighty five at the top of August 2005 in the aftermath of Hurricane Katrina. A brand new intraday record excessive of $78.Forty was set on how is fractional distillation used to separate crude oil July 14, 2006, prompted by the firing of not less than six missiles by North Korea on July 4-5, 2006, and escalating Center East violence.

Subsequently, the value declined until on October eleven, 2006, the price closed at $66.04. However, by August 2007, the price had reached a record high of $78.71, amid manufacturing output concerns within the North Sea and Nigeria. On November 29, 2007, the value peaked at $98.70 intraday after closing at $98.03 the earlier day.[Eight] The value of light crude set a brand new intraday excessive on Might 21, 2008, of $133.Forty five and closed at $133.17. A brand new excessive was reached on how is fractional distillation used to separate crude oil July 11, 2008, as costs temporarily reached $147.27 a barrel.

Trading[edit]
Mild crude oil is traded on the CME Globex, CME ClearPort, (CME Group) and Open Outcry (New York) futures exchange venues and is quoted in U.S. dollars and cents per barrel. Its product image is “CL” and its contract dimension is 1,000 barrels (160 m3) with a minimal fluctuation of $0.01 per barrel.[9]

Biofuel
Benchmark (crude oil)
Brent Crude
West Texas Intermediate
Sweet crude oil
Value of petroleum

Notes[edit]
^ “Glossary”. Canadian Association of Petroleum Producers. 2009. Retrieved 2009-08-15.
^ “Glossary of Petroleum Industry Common Terms & Symbols”. Alken Murray Corp. 1999. Retrieved 2009-08-15.
^ “Mild Sweet Crude Oil”. New York Mercantile Alternate. 2008. Iran Retrieved 2009-08-16.
^ “Nationwide Vitality Board Act Part VI (Oil and Fuel) Rules, SOR/96-244”. Canadian Authorized Data Institute. 1996. Archived from the unique chemical solvent storage tank yihai kerry on 2009-11-29. Retrieved 2009-08-sixteen.
^ “Alberta Government Petroleum Advertising and marketing and Valuation Information Letter 2014-32” (PDF). Alberta Department of Energy. August 14, 2014. Retrieved 2014-09-13.
^ “Glossary and Nomenclature”. Pemex. 2009. Retrieved 2009-08-sixteen.
^ Checklist of Commodity Delivery Dates on Wikinvest
^ “Gentle Crude Oil (CL, NYMEX)”. Retrieved 2007-12-eleven.