Sweet Crude

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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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After those facilities' initial runs on mostly light sweet crude oil from the US shale exports, they began taking more sour medium crude as upgrading units have gone into service.
During the auction, which will take place April 4, 2019, bids will be accepted for WTI light sweet crude oil using CME Groups proprietary spot auction platform.
They mainly trade higher-quality light sweet crude oil, while the yuan contracts on the Shanghai International Energy Exchange involve mainly medium-sour crude.
Oil exports have grown steadily in the past two years, primarily to foreign refineries configured specifically to process light sweet crude oil.
Oil exports have grown steadily in the past two years, primarily to foreign refineries configured specifically to process light sweet crude oil. "We recognized back in 2015, when we were working to lift the export ban, that American light sweet oil would be a good fit for these refineries, especially in Europe and Asia," Hamm said.
Light sweet crude oil for November delivery added 2.34 percent to $49.83 per barrel on the New York Mercantile Exchange, while gold futures dropped $1.10 to $1,268.60 per ounce.
The price of West Texas Intermediate (WTI) light sweet crude oil futures for May delivery increased by 1.49 percent, to reach $56.57 per barrel.
The canal's current size restrictions means smaller vessels, with capacities of approximately 400,000-550,000 barrels of light sweet crude oil, are the only ships that can safely pass through the canal.
Rositano continued, "The recent start-up of the 140 Mbpd rail-to-barge terminal at Yorktown, VA, along with improvements at New Jersey's Perth Amboy terminal, which are aimed at bringing more Bakken crude oil to the East Coast, will eliminate refiners' needs to import light sweet crude oil from North and West Africa into this area."
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.
Plans also called for building a recycling facility and waste-to-energy conversion plant that would have produced an estimated 200 tons per day of recycle materials (recovered metals, plastics, quality paper and cardboard that can be reused for new product manufacturing), 350 barrels of sweet crude oil equivalent and up to 15 Megawatts of electrical power output.
This comes one day after NYMEX light sweet crude oil reached an open interest record on March 12.