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    Light Crude Oil Reference Prices, Monthly

    Data Source: Monthly Oil Market Report © Organisation for Economic Co-operation and Development/International Energy Agency (OECD/IEA), 2014, based on data from ICE/NYMEX
    • West Texas Intermediate (WTI) is light sweet crude traded in Cushing, Oklahoma. The price of WTI is often quoted in media and other sources as “oil price”. It is the main crude oil benchmark for North America.

    • Brent is another benchmark for light sweet crude, sourced from the North Sea. Brent, in contrast to WTI, has international market access via tide water (not land-locked). WTI and Brent are considered the two most widely traded oil contracts.

    • Historically, the prices for WTI and Brent have traded on par with one another. However, the Brent-WTI differential averaged US$10.79 per barrel in 2013 due to some draining of Cushing inventories after the reversal of the Seaway pipeline. In addition, the completion of the Magellan Longhorn pipeline has allowed some U.S. tight oil production to bypass Cushing and go straight to the US Gulf Coast. The boom in moving crude by rail in 2013, particularly from North Dakota to the Gulf, East and West Coasts has also contributed to lower inventories at the Midwest hub.
    Note:     Notwithstanding that this is an “Alberta Official Statistic”, the energy prices expressed within this are not administered by the Government of Alberta.
    Date Modified: 2014-03-28
    Data Source: Monthly Oil Market Report © Organisation for Economic Co-operation and Development/International Energy Agency (OECD/IEA), 2014, based on data from ICE/NYMEX
    Content Owner: Energy
    Generation Frequency: Monthly

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