What is light crude oil?
Light crude oil is unprocessed oil that has a low density, a low viscosity, low specific gravity and high API gravity higher than 31.1° due to the presence of a high proportion of light hydrocarbon fractions. Light crude oil receives a higher price than heavy crude oil on commodity markets because it produces a higher percentage of gasoline and diesel fuel when converted into products by an oil refinery.
Crude Oil Benchmarks
A benchmark crude or marker crude is a crude oil that serves as a reference price for buyers and sellers of crude oil. Benchmarks are used because there are many different varieties and grades of crude oil. Using benchmarks makes referencing types of oil easier for sellers and buyers. There are three primary benchmarks, West Texas Intermediate (WTI), Brent Blend, and Dubai Crude.
How does the crude oil price indicate in oil market?
In general the price of oil or the oil price refers to the spot price of a barrel of benchmark crude oil a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent ICE, Dubai Crude, OPEC Reference Basket, Bonny Light and Western Canadian Select (WCS). There is a differential in the price of a barrel of oil based on its grade determined by factors such as its specific gravity or API and its sulphur content and its location.
Which origins light crude oil can we source?
At this time we as a crude oil traders source Bonny light crude oil for international traders and refineries, American crude oil and Gulf light crude oil from Middle East just for international refineries with realistic and competitive discount.
How to begin initial negotiation for crude oil procurement?
For procurement light crude oil we require official request with refinery’s website or trader’s completed KYC form for beginning negotiation.