Crude Oil Prices – 4 September 2008

Daily Crude Oil Prices (courtesy Reuters)

Daily Crude Oil Prices (courtesy Reuters)

Crude oil prices continue to decline, except in the Pacific/Asia arenas (Tapis and Minas).  Demand for Tapis is high due to the need for low-sulfur sweet crudes to meet the Asian market. U.S. suppliers dropped the most, most likely at least partially due to reduced U.S. gasoline demand.  The latest federal inventory data shows total domestic demand for refined products dropped 3.5% last week compared to a year ago.  The major domestic crudes, ANS, Louisiana Sweet, and WTI, used predominantly for domestic transportation fuels, fell significantly.  From Reuters:

Name Last +/- Prv Cls 1 week 4 weeks 3 months 1 year 3 years
Brent Blend 103.96 -0.32 105.34 113.45 115.47 125.93 74.44 65.75
Tapis 114.73 1.48 114.11 121.55 127.48 135.27 78.39 70.86
Alaska North Slope 106.97 -1.76 108.93 117.47 118.11 124.57 74.34 64.16
Dubai 1M 104.87 -0.10 105.52 111.87 115.24 121.59 68.70 57.18
Louisiana Sweet 110.24 -1.80 112.63 120.96 121.13 129.01 74.48 68.16
Urals 102.01 -0.42 103.49 111.45 112.22 121.21 71.49 59.95
WTI 107.56 -1.82 109.63 118.17 118.57 124.33 74.42 66.91
Oman 1M 104.16 1.53 103.94 110.70 116.41 122.28 69.03 61.15
Minas 111.88 1.73 111.01 118.20 122.28 130.82 82.49 64.76
Forties 102.61 -0.32 103.99 112.20 113.72 126.38 73.59 66.60
Bonny Light 106.46 0.03 107.49 115.20 116.92 130.78 76.34 68.40
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