Sweet Crude

Sweet Crude

Crude oil with a low percentage of hydrogen and sulfur mixed in it. Compared to sour crude, sweet crude is easier to refine. As a result, sweet crude is the most popular futures contract in the oil market.
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The ample supplies of light sweet crude which comes mainly from US shale also contributed to this bearishness as Asian refiners can't absorb as much of this type of oil as the sour medium to heavy grades from the Arabian Gulf.
During the auction, which will take place April 4, 2019, bids will be accepted for WTI light sweet crude oil using CME Group's proprietary spot auction platform.
Dubai: The International Maritime Organisation (IMO) specification change, which needs lower sulphur content in marine fuel oil, will lead to more demand for US sweet crude (benchmark Western Texas Intermediate) compared to heavy sour crude, resulting in cost increases of $1 trillion (Dh3.67 trillion) over five years, a senior official at S&P Platts told Gulf News.
Instead, buyers have been looking to cheaper alternatives, including in Asia-Pacific, where light sweet crude values have fallen sharply on weaker naphtha and gasoline crack spreads.
Combine sordid affairs and sweet crude; mix with special
Not since crude oil exports from Saudi Arabia and Kuwait in the 1950s has the world faced at least five million extra barrels of light sweet crude, as happened with US and Canadian output rises since 2008.
Similarly, WTI, the US benchmark for light, sweet crude, also dropped, by $24.5 or 22.8 per cent, to $82.8/bbl.
According to Carmine Rositano, GlobalData's managing analyst covering Downstream Oil & Gas, crude oil imports into the East Coast from North and West Africa, which provide primarily light sweet crude oil, and the Middle East, which boasts mostly medium and heavy sour crudes, amounted to 450 Mbpd in 2013.
The Das Crude blend is a light, sweet crude, combining Lower Zakum Crude and Umm Shaif Crude, ADNOC previously produced varieties.
The agency will examine topics such as the amount of light sweet crude oil the United States is likely to produce in the future, refinery capabilities and the impact exporting crude oil might have on domestic gasoline prices, one of the biggest uncertainties around ending the ban.
Light sweet crude oil for April delivery fell to $99.38 a barrel on the New York Mercantile Exchange.
Thus, if it's sweet crude you crave, it matters little whether you buy it from Norway, North Dakota, or Nigeria.