West Texas Intermediate (WTI) crude oil is of very high quality and is at refining a larger portion of gasoline. Its API gravity is 39.6 degrees, which makes it a “light” crude oil, and it contains only about 0.24 percent of sulfur (making a “sweet” crude oil).
Brent Blend is actually a combination of crude oil from fifteen different oil fields located in the North Sea. It is still a “light” crude oil, but not quite as “light” as WTI, and it contains about 0.37 percent of sulfur (making it a “sweet” crude oil, but again slightly less “sweet” than WTI). Brent blend is good for making gasoline and middle distillates.
WTI is more expensive than Brent. So you may be asking: Why Is Brent Crude Higher Than WTI?
Typically, WTI crude from Cushing, Oklahoma, holds a higher price than Brent crude.
The difference is in the quality: the less sulfur, the easier it is to refine the crude into gasoline.
WTI is both lighter and sweeter, containing about 0.24% sulfur. Brent crude has about 0.37% sulfur and is still classified as a sweet crude.
Now compare that with the world’s heavier deposits of oil…
Heavy crude oil produced from Venezuela’s Orinoco Belt contains approximately 4.5% sulfur.
Even the mighty OPEC — which produces about 40% of the world’s oil supply — doesn’t have the same quality.
So you can see why WTI is highly sought after.
Resources:
energyandcapital.com
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