Talk:Brent Crude

Discussion

I added the following: The symbol for brent crude is SC. It is traded on the NYMEX which is a London exchange. One contract equals 1,000 barrels. Contracts are quoted in US dollars. Therefore each point lost or gained equals $1,000. --Michael D. Wolok

Hi Michael,

This doesn't make sense. What is a point? Are you referring to a tick? Because the tick size is $00.01 which means that every point lost or gained equals $10 per contract.

I don't know the date of this post as neither poster has signed. As clarification for future readers; A point is the smallest number to the left of the decimal (in this case $1), a tick is the smallest integer the price can move by after the decimal point (in this case $0.01) and a bip/bps/basis point is 1/100th of a %. Therefore both commentators above are correct. I have removed the part about points/ticks being changes in value as most Wikipedia readers will not understand points/ticks and they should be able to calculate that 1000*.01/1 = $10 and $1000 respectively.Ryanharmany (talk) 00:35, 18 March 2020 (UTC)

Fair use rationale for Image:Oil&gasprices.jpg

Image:Oil&gasprices.jpg is being used on this article. I notice the image page specifies that the image is being used under fair use but there is no explanation or rationale as to why its use in this Wikipedia article constitutes fair use. In addition to the boilerplate fair use template, you must also write out on the image description page a specific explanation or rationale for why using this image in each article is consistent with fair use.

Please go to the image description page and edit it to include a fair use rationale. Using one of the templates at Wikipedia:Fair use rationale guideline is an easy way to insure that your image is in compliance with Wikipedia policy, but remember that you must complete the template. Do not simply insert a blank template on an image page.

If there is other fair use media, consider checking that you have specified the fair use rationale on the other images used on this page. Note that any fair use images uploaded after 4 May, 2006, and lacking such an explanation will be deleted one week after they have been uploaded, as described on criteria for speedy deletion. If you have any questions please ask them at the Media copyright questions page. Thank you.

BetacommandBot 23:53, 6 November 2007 (UTC)

That copyright violation

I find it quite amusing that this article was cited for copyright infringement of the referenced page, which lists Wikipedia (therefore most likely this article) as the source (see the last line). What is going on here? pencil_ethics 13:50, 8 November 2007 (UTC)

Merge proposal

I propose merge Brent Index as it is an interrelated topic. Both articles needs some work and merging will help to create more comprehensive article. Beagel (talk) 10:52, 16 January 2012 (UTC)

Merger completed. Beagel (talk) 07:27, 5 August 2012 (UTC)

Possible explanation for the divergence of Brent Crude and WTI prices from 2010

It is interesting to observe that the price divergence between Brent Crude and WTI began shortly after the Deepwater Horizon oil spill in the Gulf of Mexico. Is there a connection between these two two events? Was the increased price differential used, or perhaps artificially created within a dysfunctional market, to help offset the costs of Deepwater Horizon event or was this just a very fortuitous coincidence? If the fuel market in the UK was not so dysfunctional, one would have expected that imports of either finished product (petrol, diesel etc), WTI or other crude would have minimised the price differential between Brent Crude and WTI but none of these things happened to a sufficient extent and the price differential was over 25% at times. In a free and properly functioning market it is difficult to believe that such a large price differential could have existed for so long so the logical conclusion is that the market was dysfunctional. (I have not included this in the article but am putting it in the Editing Talk" section for review and discussion by others.)

No mystery or dysfunctional market. The only dysfunction is the lack of pipeline capacity to allow the rapidly increasing production in the interior of North America (Canadian oil sands, Bakken, Niobrara, and others) where WTI is priced, to reach the coast and the larger world market. The large volume of excess production from inland North America has created a glut there, and driven down WTI versus Brent. See analysis by US Energy Information Administration: [1]. I will have to add a note to the article documenting this. Plazak (talk) 14:17, 24 January 2014 (UTC)

Assumption of USD

Although Brent Crude appears to be a European product, prices are states in US dollars, without qualifying them AS USD. If this is a component of "Brent Crude" fine, but shouldn't it be stated up front? In the lead as well as the article?

The alternative is to change to Euros or use USD/US$ with each price. Student7 (talk) 21:16, 7 April 2015 (UTC)

Brent is traded in USD, not GBP nor EUR. Thus the prices should be listed in USD. https://www.theice.com/products/219/Brent-Crude-Futures https://www.cmegroup.com/trading/energy/crude-oil/brent-crude-oil-last-day_contract_specifications.html Alcibiades979 (talk) 12:53, 18 September 2019 (UTC)

External links modified

Hello fellow Wikipedians,

I have just modified 2 external links on Brent Crude. Please take a moment to review my edit. If you have any questions, or need the bot to ignore the links, or the page altogether, please visit this simple FaQ for additional information. I made the following changes:

• Added archive https://web.archive.org/web/20080625033749/http://www.paresources.se:80/en/Operations/Glossary/ to http://www.paresources.se/en/Operations/Glossary/
• Added archive https://web.archive.org/web/20101113164128/http://tonto.eia.doe.gov/ask/crude_types1.html to http://tonto.eia.doe.gov/ask/crude_types1.html

When you have finished reviewing my changes, please set the checked parameter below to true or failed to let others know (documentation at {{Sourcecheck}}).

This message was posted before February 2018. After February 2018, "External links modified" talk page sections are no longer generated or monitored by InternetArchiveBot. No special action is required regarding these talk page notices, other than regular verification using the archive tool instructions below. Editors have permission to delete these "External links modified" talk page sections if they want to de-clutter talk pages, but see the RfC before doing mass systematic removals. This message is updated dynamically through the template {{source check}} (last update: 5 June 2024).

• If you have discovered URLs which were erroneously considered dead by the bot, you can report them with this tool.
• If you found an error with any archives or the URLs themselves, you can fix them with this tool.

Cheers.—InternetArchiveBot (Report bug) 23:05, 7 November 2016 (UTC)

Sullom Voe Terminal

Contracts appear to be for delivery to Sullom Voe Terminal but I need to find a source.©Geni (talk) 08:02, 24 April 2020 (UTC)

After a lot of digging I don't think this is the case. I think Sullom Voe Terminal is the landing terminal for what's left of the original Brent crude oil grades, which is a tiny amount. Any of the other BFOET oil grades can also theoretically be the underlay Brent contract price. If we're talking about ICE Futures Contracts, the delivery specifically says "EFP or settle to the Brent Index." I'm not 100% sure how EFP works at this point, but from the examples I've seen parties agreeing to EFP can take delivery/deliver wherever they can do so without incurring a location premium or a discount, which probably implies anywhere in the North Sea or even Northern Europe. If we're talking about forward contracts it's probably the same thing. Eric.c.zhang (talk) 03:49, 10 June 2020 (UTC)

Brent Oil or WTI?

This space is for friendly discussions of comparing and contrasting Brent Oil and WTI (West Texas Intermediate). 107.77.224.216 (talk) 20:07, 30 April 2022 (UTC)