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OilFinder2
Light Sweet Crude
Joined: Mar 26, 2008
Posts: 1358
Location: Seattle
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 Posted: Sun Jul 06, 2008 6:12 pm Post subject: Saudi Arabia Cuts August Light Crude Oil Prices for the U.S. |
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--> Bloomberg <--
| Quote: | Saudi Arabia Cuts August Light Crude Oil Prices for the U.S.
By Shaji Mathew and Nesa Subrahmaniyan
July 6 (Bloomberg) -- Saudi Aramco, the world's largest state oil company, cut its official selling prices for light crude shipments to the U.S. in August.
Aramco reduced the price of Extra Light crude by $2.30 to a premium of 10 cents a barrel above the West Texas Intermediate benchmark, compared with $2.40 in July, the Dhahran, Saudi Arabia-based company said today in a faxed statement.
Aramco also cut the price of its Arab Light crude by 55 cents to a discount of $3 a barrel to the U.S. benchmark, the company said. Light crude oil is favored by U.S. refiners for its high gasoline yield compared with heavy crude.
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Abundance - what a concept! |
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idiom
Intermediate Crude
Joined: Aug 23, 2004
Posts: 523
Location: New Zealand
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| Posted: Sun Jul 06, 2008 6:15 pm Post subject: Re: Saudi Arabia Cuts August Light Crude Oil Prices for the |
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| ......During the same period the WTI went up $10. |
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5928
Location: New Jersey
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| Posted: Sun Jul 06, 2008 7:16 pm Post subject: Re: Saudi Arabia Cuts August Light Crude Oil Prices for the |
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With the cost of hiring a supertanker approaching $200,000 per day, the 'discount' given appears to be in part just an effort to make up for increased shipping costs.
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It's already over, now it's just a matter of adjusting. |
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Homesteader
Light Sweet Crude
Joined: Apr 12, 2007
Posts: 1185
Location: Central NC
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| Posted: Sun Jul 06, 2008 7:21 pm Post subject: Re: Saudi Arabia Cuts August Light Crude Oil Prices for the |
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So why is it that OF2 perennially overlooks "the rest of the story"?
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"The era of procrastination, of half-measures, of soothing and baffling expedients, of delays, is coming to a close. In its place we are entering a period of consequences…"
Sir Winston Churchill |
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OilFinder2
Light Sweet Crude
Joined: Mar 26, 2008
Posts: 1358
Location: Seattle
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| Posted: Sun Jul 06, 2008 7:27 pm Post subject: Re: Saudi Arabia Cuts August Light Crude Oil Prices for the |
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Gee, I thought light crude from Saudi Arabia would be so scarce and in such demand that the Saudis could charge anything they wanted, regardless of other factors. 
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Abundance - what a concept! |
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Homesteader
Light Sweet Crude
Joined: Apr 12, 2007
Posts: 1185
Location: Central NC
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| Posted: Sun Jul 06, 2008 7:31 pm Post subject: Re: Saudi Arabia Cuts August Light Crude Oil Prices for the |
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| OilFinder2 wrote: | | Gee, I thought light crude from Saudi Arabia would be so scarce and in such demand that the Saudis could charge anything they wanted, regardless of other factors. |
Yeah, everyone know the oil market operates in a "free market vacuum".
_________________
"The era of procrastination, of half-measures, of soothing and baffling expedients, of delays, is coming to a close. In its place we are entering a period of consequences…"
Sir Winston Churchill |
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