The average spot price for nine varieties of oil brands (including North American) last week (April 13-17) amounted to $57.71 per barrel compared to $54.93 per barrel the previous week.
The highest average spot price was observed on Bonny Light oil produced in Nigeria, which amounted to $60.26 per barrel compared to $58.09 per barrel the previous week. The density of Bonny Light, used to determine the price of other brands of oil exports in the Gulf, is 33.4-degrees API with a 0.16-percent sulfur content.
The average price for Brent last week amounted to $59.12 per barrel compared to $56.51 per barrel the previous week. The density of Brent Dated is 38.6-39 -degrees API, with up to 1-percent sulfur content.
Last week, the average spot price for a marker grade of oil produced in Dubai and used as a benchmark in setting prices of other brands of oil exports in the Gulf region Dubai Crude increased by $3.67 per barrel to $58.85 per barrel. Dubai Crude is light oil whose density is 31 degrees-API with a 2-percent sulfur content.
The average spot price for North Sea Forties was at $58.7 per barrel compared to $56.74 per barrel the previous week. Forties has a low sulfur content and high potential to produce gasoline. Its density is about 40.3-degrees API with a 0.56-percent sulfur content.
Last week the average spot price for the high-sulfur oil Urals which is a mixture of oil produced in the Khanty-Mansiysk Autonomous District and Tatarstan was at $58.42 per barrel last week compared to $55.64 the previous week. The main producers of Urals oil is the Rosneft, Lukoil, Surgutneftegaz, Gazprom Neft, TNK-BP and Tatneft companies. Abroad, this oil is known under the name Siberian Light. In Russia, oil futures for Urals are traded on the FORTS market at the RTS stock exchange.
Last week average price for the American Mars increased by $3.45 per barrel to $57.79 per barrel. Mars’s density is 28.9-degrees API with a 2.05-percent sulfur content.
OPEC oil basket price increased by $2.72 per barrel to $56.34 per barrel. The OPEC’s price is the average index of physical prices for the following 11 grades of oil: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Iran Heavy (Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
The average spot price for the American WTS crude oil last week amounted to $55.18 per barrel compared to $52.52 per barrel the previous week. The density of WTS is not less than 30 degrees-API with a 2.5-percent sulfur content.
The lowest average spot price was observed for the American West Texas Intermediate (WTI), which amounted to $54.78 per barrel compared to $51.78 per barrel the previous. WTI’s density is 40-degrees API with a 0.4-05-percent sulfur content. This oil is mainly used to produce gasoline and therefore the demand is high, particularly in the U.S. and China.