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CL

Crude Oil WTI

69.97 USD/bbl 0.69 (1%) (Last updated - September 17, 2024 12:00 AM UTC )
Day High
90.75
Day Low
87.03
Previous Close
88.47
52 Week Range
61.56 - 130.5
Change YTD
0%

About

Performance USD/oz Change
5 Day 0%
1 Month 0%
3 Months 0%
6 Months 0%
52 Week 0%

September 17, 2024 12:00 AM UTC

Data Powered by Stockdio. Data delayed by 5 minutes unless otherwise indicated.

It was in the early part of the 20th century when oil started to replace coal as the main form of fuel. Sooner steam engines were replaced by internal combustion engines, and crude oil gained the status of the most vital fuel among all energy sources. Billions of dollars started flowing in projects worldwide to discover the next big reserves.

Crude oil is a naturally occurring yellow-to-black flammable liquid hydrocarbon substance found beneath the Earth’s surface. These liquid hydrocarbons are formed due to the constant accumulation of organic substances over millions of years in geological ‘kitchen’ in subsurface structures. The sediments are subjected to heat and pressure by overlying rocks and gradually convert the organic sediments into crude oil. The process is referred to as ‘cooking’ by petroleum geologists, and the type of cooking decides the final product, be it natural gas, crude oil or coal.

Crude oil has been the centre of geopolitics for many decades now. It is one of the most traded commodities around the world, but there are very few producers. Almost 40% of the global supply is produced by a handful of nations from the OPEC+ pack. The United States, Canada, China, and few African countries are the major producers outside OPEC+.

Crude oil prices are highly volatile, and trends could reverse overnight. Some of the major factors influencing the price of crude oil are:

  1. Demand and supply
  2. U.S stockpile data
  3. OPEC+ policies
  4. War and conflict in the Middle East or OPEC+ countries
  5. Geopolitics
  6. Policy shift of major oil-consuming countries
Code Company Price Chg %Chg High Low Volume Market Cap
88E 88 Energy Ltd 0.002 0.000 0.000 0.002 0.002 8528857 57.868 M
ADX Adx Energy Ltd 0.105 0.008 8.247 0.105 0.100 278434 54.912 M
AFA ASF Group Ltd 0.020 0.000 0.000 0.020 0.020 -- 15.848 M
ATS Australis Oil & Gas Ltd 0.010 0.000 0.000 0.010 0.010 3422 12.890 M
AXP AXP Energy Limited 0.001 0.000 0.000 0.001 0.001 2595000 5.825 M
BAS Bass Strait Oil Co Ltd 0.071 0.003 4.412 0.074 0.069 524996 20.333 M
BHP BHP Group Limited 42.600 -0.030 -0.070 43.200 42.170 5191917 215,638.573 M
BLU Blue Energy Ltd 0.007 0.000 0.000 0.007 0.007 2726 12.957 M
BNL Blue Star Helium Ltd 0.003 0.000 0.000 0.004 0.003 226113 7.293 M
BPT Beach Energy Ltd 1.245 -0.020 -1.581 1.275 1.245 4892515 2,874.476 M
BRU Buru Energy Ltd 0.048 0.003 6.667 0.048 0.046 263072 34.845 M
BUY Bounty Oil and Gas NL 0.006 0.000 0.000 0.006 0.006 173 8.991 M
CEL Challenger Gold Limited 0.055 0.000 0.000 0.058 0.055 505014 91.212 M
COE Cooper Energy Ltd 0.175 0.010 6.061 0.180 0.167 18559565 448.807 M
CVN Carnarvon Petroleum Ltd 0.160 0.000 0.000 0.162 0.155 1527070 280.887 M
DOW Downer Edi Ltd 5.710 0.100 1.783 5.740 5.640 931811 3,760.814 M
EEG Empire Energy Group Ltd 0.200 0.005 2.564 0.205 0.195 324702 223.806 M
EMP Emperor Energy Ltd 0.021 0.001 5.000 0.021 0.020 3742807 9.055 M
EXR Elixir Petroleum Ltd 0.056 0.000 0.000 0.059 0.056 2145583 64.628 M
FAR FAR Ltd 0.510 0.005 0.990 0.510 0.500 28370 46.667 M
FME Future Metals NL 0.025 0.001 4.167 0.025 0.022 551492 14.376 M
FZR Fitzroy River Corporation Ltd 0.120 0.000 0.000 0.120 0.120 -- 12.955 M
GGE Grand Gulf Energy Ltd 0.004 0.000 0.000 0.004 0.004 -- 7.351 M
GGX Gas2grid Ltd 0.001 0.000 0.000 0.001 0.001 -- 4.089 M
GLL Galilee Energy Ltd 0.014 0.000 0.000 0.014 0.014 -- 7.801 M
GRV Greenvale Energy Ltd 0.023 0.000 0.000 0.025 0.023 218178 12.317 M
HCD Hydrocarbon Dynamics Ltd 0.003 0.000 0.000 0.003 0.003 210118 2.426 M
HHR Hartshead Resources NL 0.007 -0.001 -12.500 0.008 0.007 9209207 16.852 M
HZN Horizon Oil Ltd 0.190 0.005 2.703 0.190 0.185 240383 308.807 M
ICN Icon Energy Ltd 0.006 0.000 0.000 0.006 0.006 -- 4.608 M
JPR Jupiter Energy Ltd 0.030 0.000 0.000 0.030 0.030 -- 38.235 M
KAR Karoon Energy Ltd 1.370 -0.020 -1.439 1.417 1.370 5049174 1,087.186 M
KEY Key Petroleum Ltd 0.001 0.000 0.000 0.001 0.001 -- 2.263 M
LIO Lion Energy Ltd 0.021 0.000 0.000 0.021 0.021 120000 9.177 M
LKO Lakes Oil NL 1.000 0.000 0.000 1.000 1.000 -- 0.059 M
MAY Melbana Energy Ltd 0.031 0.001 3.333 0.032 0.030 991772 104.476 M
MEC Morphic Ethical Equities Fund Ltd 0.990 0.000 0.000 1.000 0.990 45900 37.610 M
MEL Metgasco 0.005 0.000 0.000 0.005 0.005 799686 7.288 M
NZO New Zealand Oil and Gas Ltd -- -- -- -- -- -- 87.341 M
ODY Odyssey Energy Ltd 0.022 0.000 0.000 0.022 0.022 141556 19.775 M
OEL Otto Energy Ltd 0.012 0.000 0.000 0.012 0.012 95850 52.745 M
ORG Origin Energy Ltd 9.870 0.080 0.817 9.980 9.820 2331415 16,452.262 M
PCL Pancontinental Oil & Gas NL 0.015 0.000 0.000 0.016 0.014 18279889 121.974 M
PH2 Pure Hydrogen Corporation Ltd 0.120 -0.005 -4.000 0.125 0.115 909153 48.694 M
PRM Prominence Energy NL 0.005 -0.001 -16.667 0.005 0.005 7463 2.335 M
PVE PO Valley Energy Ltd 0.038 0.004 11.765 0.038 0.038 202711 44.041 M
QEM QEM Ltd 0.051 -0.003 -5.556 0.054 0.051 155039 11.259 M
ROG Red Sky Energy Ltd 0.008 0.001 14.286 0.008 0.007 860642 37.956 M
SGC Sacgasco Ltd -- -- -- -- -- -- 4.483 M
SHE Stonehorse Energy Ltd 0.008 0.000 0.000 0.008 0.008 -- 5.476 M
STO Santos Ltd 6.640 -0.150 -2.209 6.840 6.610 11561738 22,036.120 M
STX Strike Energy Ltd 0.225 0.005 2.273 0.225 0.220 773428 564.478 M
TDO 3D Energi Limited 0.066 0.000 0.000 0.066 0.066 -- 23.203 M
TEG Triangle Energy Global Ltd 0.007 0.000 0.000 0.007 0.007 4410649 14.561 M
TMK TMK Energy Ltd 0.002 0.000 0.000 0.003 0.002 4608641 15.183 M
TOU Tlou Energy Ltd 0.014 0.000 0.000 0.014 0.014 421578 19.479 M
VEA Viva Energy Group Ltd 2.610 0.000 0.000 2.630 2.595 4166455 4,250.169 M
VEN Vintage Energy Ltd 0.008 0.001 14.286 0.008 0.007 1437059 13.356 M
WEL Winchester Energy Ltd 0.003 0.001 50.000 0.003 0.003 600000 2.726 M
* Data powered by EODHD®. Data delayed 20 minutes unless otherwise indicated.

Frequently Asked Questions

Pricing of crude oil depends on several factors, including demand, supply and quality of crude oil. Two of the most important quality parameters of crude oil are its specific gravity and sulphur content. Specific gravity is relative density with respect to water. Low density and low-sulphur content crude oil fetches higher prices in the market. Higher sulphur content increases the risk of corrosion of the piping and equipment through which it is passed during the refining process.

Brent and WTI crude oil are used as benchmarks to rate the quality of crude oil produced from other countries or regions and are priced accordingly. Brent and WTI crude oil have a sulphur content of less than 0.5% and API (American Petroleum Institute) gravity of less than 40.

API Gravity = 141.5/ (S.G at 600)– 131.5

S.G is the specific gravity of crude oil

The oil produced in any region is priced according to its API gravity and sulphur content with respect to benchmark crude oil.

Oil prices are driven by the demand and supply variables in the market. Traders go for future contracts to hedge their crude oil purchases/investments. Oil futures are derivative instruments that can be traded on exchanges and are often used by traders and oil companies to keep them safe from a sudden spike in prices.

Oil futures are like any other futures contract, traders agree to take the delivery of crude oil on a fixed date in exchange for a set contract price. The positions could be sold out at any time before the expiry date of the contract. If it is not squared off, then the buyer of the contract has to take the delivery of crude oil.

Crude oil is traded in physical quantities in the ‘spot market’ in near-term delivery contracts. The prices in the spot market are highly volatile as they are traded for a short term. In the spot market, mostly refiners and traders who deal in crude oil trade as they can take the physical delivery.

The payment terms and prices depend on the factors such as currency and relationships between countries. The countries which are in good books fetch favourable prices of their crude oil than the countries whose assets are under the control of extremists.

1. Paint industry – petroleum and its derivatives are used as raw materials for the industry.

2. Tyres - petroleum and its derivatives are used as raw materials in the manufacturing of tyres.

3. Aviation industry – Costlier crude oil will lead to price rise in jet fuels.

4. Auto – Higher fuel prices may negatively impact the sales.

5. Cement industry- Uses petroleum products in very little quantity, however, the cost of shipping the final products is heavily influenced by the crude oil prices.

The United States of America was the largest crude oil producer in the year 2020. The USA produced 17.62 million barrels of crude oil every day on an average in the year 2020. Russia secured the second position with 10.6 million barrels/ day followed by Saudi Arabia with 9.2 million barrels/day. However, when it comes to reserves, Venezuela holds the worlds’ largest known reserve, estimated at around 3 billion barrels of crude oil. This is around 18% of the total world’s reserve.

Historical Graph


Chart by TradingView
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