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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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.
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.
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 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.
Thus, if it's sweet crude you crave, it matters little whether you buy it from Norway, North Dakota, or Nigeria.
Benchmark light sweet crude futures were down about $1.
This comes one day after NYMEX light sweet crude oil reached an open interest record on March 12.
So-called sweet crude oil has a sulphur content of less than 0.
Meanwhile, light sweet crude for August delivery increased by around 3% to USD 92.
New Yorks main contract, light sweet crude for December delivery, dipped 31 cents to $97.
Light sweet crude oils produce a high percentage of products desired by consumers after distillation.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in May were trading at $108.