WTI futures traded at $73.78 per barrel, as of 9 a.m. The Brent/WTI spread has historically ranged between $4/bbl and $8/bbl, but it can expand or contract based on factors related to U.S. and international supply and demand conditions. For example, the Brent/WTI spread hit nearly $14/bbl in April 2011 when protests sparked market fears of significant oil supply disruptions in the Middle East. Brent futures traded around $81.79/bbl, an increase of 0.81% in the last 24 hours. WTI futures traded at $76.55 per barrel, as of 9 a.m.
- 1 Wall Street equities research analysts have issued «buy,» «hold,» and «sell» ratings for W&T Offshore in the last twelve months.
- WTI futures rose by 0.79% to $73.78/bbl, as of 9 a.m.
- This represents a $0.04 dividend on an annualized basis and a yield of 1.34%.
- The company is scheduled to release its next quarterly earnings announcement on Tuesday, March 5th 2024.
- The information is accurate as of the publish date, but always check the provider’s website for the most current information.
Each CL contract represents 1,000 barrels of oil, and the contracts trade Sunday to Friday from 6 p.m. The commodity of crude oil is by far the world’s most important energy source and the price of oil therefore plays an important role in industrial and economic development. The most important type of crude https://g-markets.net/ oil used in Europe is Brent Crude, named after the North Sea oilfield where it is extracted. Brent Crude is a particularly light crude oil which is carried from the North Sea to the Sullom Voe Terminal on Mainland, Shetland by an underwater pipeline. From there, the crude oil is transported by tanker.
WTI is not the most commonly used benchmark globally, that honor goes to Brent, where two-thirds of oil contracts globally use Brent as a benchmark. Both, however, are considered high-quality oils and are therefore the two most important oil benchmarks in the world. As mentioned, WTI has a sulfur content between 0.24% and 0.34%, whereas Brent has a sulfur content between 0.35% to 0.40%. The lower the sulfur content of an oil, the easier it is to refine, making it more attractive. Both benchmark oils are considered sweet, but WTI is sweeter making it a bit easier to refine. Natural disasters and geopolitical conflicts worldwide can disrupt production and create oil supply shortages.
Oil (WTI) News
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Saudi Arabia’s state-owned oil company, Saudi Aramco, uses the Dubai/Oman crude oil benchmark when pricing its oil for delivery to Asia. Anyone can buy or sell popular oil stocks simply by opening and funding a standard brokerage account. Brent crude is a sweet, light blend of oils extracted from the North Sea near Europe.
WTI crude oil and international Brent crude oil are influenced by several factors that can change the market’s supply and demand balance. In December 2005 the global demand for crude oil was 83.3 million barrels per day according to the International Energy Agency (IEA) and this will continue to rise further. Since the shale boom in the U.S., which resulted in a production increase of WTI, the price of WTI has gone down and usually trades at a discount to Brent. Brent is also tied to more worldwide oil markets and serves as an international benchmark, meaning that more factors are influencing its price. Furthermore, transporting WTI overseas to Brent crude’s market could come at a cost that would make WTI unable to compete with Brent crude in terms of pricing. Brent crude is oil extracted from the Brent, Ekofisk, Forties and Oseberg oil fields.
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It reached its 52-week high of $95.52 on Sep. 27, 2023. That’s 22.76% higher than the current futures price. Saudi Arabian oil is neither WTI, extracted in the U.S., nor Brent, extracted in the North Sea near Europe.
That’s 0.15% higher than the current futures price. That’s 19.86% higher than the current futures price. 1 Wall Street when is a bull flag invalidated equities research analysts have issued «buy,» «hold,» and «sell» ratings for W&T Offshore in the last twelve months.
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On average, they anticipate the company’s stock price to reach $7.90 in the next year. This suggests a possible upside of 164.7% from the stock’s current price. View analysts price targets for WTI or view top-rated stocks among Wall Street analysts. Brent crude fell to its 52-week low of $68.20 per barrel on May 3, 2023.
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W&T Offshore declared a quarterly dividend on Wednesday, November 8th. Stockholders of record on Tuesday, November 28th will be given a dividend of $0.01 per share on Friday, December 22nd. This represents a $0.04 dividend on an annualized basis and a yield of 1.34%. The company is scheduled to release its next quarterly earnings announcement on Tuesday, March 5th 2024.
It reached its 52-week high of $96.62 on Sep. 27, 2023. That’s 0.18% higher than the current futures price. WTI crude fell to its 52-week low of $64.00 per barrel on May 3, 2023.
The U.S. and global economies experience much higher industrial energy demand during periods of strong economic growth and lower demand during economic downturns. Finally, the Organization of the Petroleum Exporting Countries can significantly alter global crude oil supplies by increasing or cutting production. Crude oil is one of the most important commodities in the world, serving as a key energy source and as a raw material used to produce plastics, chemicals and other products. Nearly all the crude oil imported or produced in the U.S. is refined into petroleum products, including gasoline, diesel fuel and heating oil. W&T Offshore, Inc., an independent oil and natural gas producer, engages in the acquisition, exploration, and development of oil and natural gas properties in the Gulf of Mexico.
WTI is the main oil benchmark for North America as it is sourced from the United States, primarily from the Permian Basin. It then travels through pipelines where it is refined in the Midwest and the Gulf of Mexico. The main delivery point for physical exchange and price settlement for WTI is Cushing, Oklahoma. WTI is the underlying commodity of the New York Mercantile Exchange’s (NYMEX) oil futures contract and is considered a high-quality oil that is easily refined. Blueprint is an independent publisher and comparison service, not an investment advisor.