Brent Crude Oil is the standard grade of oil produced in the North Sea (the main fields are located between the coasts of Norway, Denmark and the British Isles). The brand owes its name to the field of the same name in the North Sea, discovered in 1970.
The word "Brent" is derived from the first letters of the names of oil-bearing formations - "Broom", "Rannoch", "Etieve", "Ness" and "Tarbat". "Brent" is the world standard of oil, since its qualities, properties and composition are the most optimal from the point of view of refining and production of petroleum products (in particular, gasoline and middle distillers). Its density is 38° API, sulfur content is 0.2-1%. Therefore, the price of Brent oil is the basis for pricing about 40% of all world grades of oil. The worse the oil, that is, the further it is in quality, properties and composition from the Brent standard, the lower its price. Brent is usually processed in North-West Europe, but with favorable pricing conditions it can be delivered for processing to the USA and the Mediterranean. The bulk of Brent oil is consumed in Western Europe. Futures for this type of oil are traded on the British ICE (International Continental Exchange).
Light Crude Oil is a benchmark oil grade, futures for which are traded in New York on the NYMEX exchange. The density of this brand of oil can vary from 37° to 42° API, the sulfur content should not exceed 0.42%. These restrictions include types of oil that are produced in the United States. These are West Texas Intermediate (WTI), Low Sweet Mix, New Mexican Sweet, North Texas Sweet, Oklahoma Sweet, South Texas Sweet. There are also grades of oil (mostly imported) that do not fit into the restrictions imposed on the Light Crude Oil brand - their density is either below 34° or above 42°, so they are traded either at a discount or at a premium. These varieties are: U.K. Brent ($0.30 discount), Norwegian Oseberg Blend ($0.55), Nigerian Bonny Light, Qua Iboe, Colombian Cusiana ($0.15 premium). NYMEX also trades futures for Dubai crude oil, as well as futures contracts for the difference in prices between Light Crude Oil and the following grades: Canadian Bow River Crude, Light Louisiana Sweet, West Texas Intermediate-Midland, West Texas Sour, Mars Blend.
Urals is a grade of high-sulfur oil (more than 2%), which is a mixture of oil produced in the Khanty-Mansiysk Autonomous Okrug and Tatarstan. The main producers of Urals oil are Rosneft, Lukoil, Surgutneftegaz, Gazpromneft, TNK-BP and Tatneft. The cost of Russian oil is determined by discounting the price of Brent, since our oil is considered to be of lower quality due to its high sulfur content, as well as heavy and cyclic hydrocarbons. Recently, Russia has taken a number of steps to improve the quality of Urals oil by eliminating high-sulfur Tatar oil from it (in the Republic of Tatarstan it is planned to build new oil refining facilities in order to make gasoline from local oil, rather than putting it into the pipeline). West Siberian oil itself is of acceptable quality. Abroad it is known under the brand name Siberian Light. In Russia, Urals oil futures are traded on the FORTS RTS market.
REBCO (Russian Export Blend Crude Oil) - since the fall of 2006, this Russian brand of oil has been traded on NYMEX. However, liquidity is still very low and very few trades are being made. The main problem is the distrust of buyers in new contracts, which is normal for a new brand, but an increase in liquidity is predicted in the near future. In terms of sulfur content and density, REBCO is inferior to Brent, since the REBCO brand, in principle, is Urals.
Macroeconomic statistics
Once a week - usually on Wednesday - the US Energy Information Administration publishes a weekly report on US oil and petroleum product inventories. These data have a strong impact on oil futures prices, as well as the price of gasoline, heating oil and natural gas.
Information sources .
Prices for gas, heating oil and gasoline are also important, but their impact on the Russian market is not as significant as oil prices. An important rule to remember:
Rule: If you are trading shares of a company belonging to the raw materials group, be sure to monitor the dynamics of world prices for the corresponding raw materials.
In Fig. 1.65 you see the dynamics of world prices for nickel (according to the London Metal Exchange (LME) - the world center for trading non-ferrous metals) for the period from August 2003 to August 2005, and in Fig. 1.66 - dynamics of the share price of Norilsk Nickel for the same period. There is a fairly strong correlation between these two prices. It was especially strong in the period from August 2003 to January 2004 (this period is shaded on the graphs).
Stock market and the world - Part I - Fundamental analysis © Tsarikhin K.S., 2008
Rice. 1.65. Dynamics of nickel prices, US dollars per LME ton, August 2003 - August 2005
Source .
Rice. 1.66. Dynamics of the price of ordinary shares of MMC Norilsk Nickel.
MICEX, August 2003 - August 2005
The characteristics of oil produced from different fields can vary greatly. Oil is usually described as a viscous, oily, black liquid, but this definition is not always correct. The color of oil may differ from black; it can be light brown, sometimes even almost transparent. Viscosity and melting point also vary widely - some varieties remain liquid in Siberian frosts, while others harden at summer air temperatures in the middle zone.
Oil is not consumed in its natural form; it must be processed to obtain marketable products. The efficiency of oil refining largely depends on two main parameters - the density of the oil and the sulfur content in it.
OIL AND GAS, THEIR COMPOSITION AND PHYSICAL PROPERTIES
OIL
Oil is a flammable, oily liquid, mostly dark in color, with a specific odor. In terms of chemical composition, oil is mainly a mixture of various hydrocarbons contained in it in a wide variety of combinations and determining its physical and chemical properties.
The following groups of hydrocarbons are found in oils: 1) methane (paraffin) with the general formula C I H 2 I + 2; 2) naphthenic with the general formula C„H 2P; 3) aromatic with a general formula
SpN 2l -v- /
The most common hydrocarbons in natural conditions are the methane series. Hydrocarbons of this series - methane CH 4, ethane C 2 H in, propane C 3 H 8 and butane C 4 Nu - are in a gaseous state at atmospheric pressure and normal temperature. They are part of petroleum gases. As pressure and temperature increase, these light hydrocarbons can partially or completely liquefy.
Pentane C 8 H 12, hexane C in H 14 and heptane C 7 H 1 in under the same conditions are in an unstable state: they easily pass from a gaseous state to a liquid state and back.
Hydrocarbons from C 8 H 18 to C 17 H sound are liquid substances.
Hydrocarbons, whose molecules contain more than 17 carbon atoms, are classified as solids. These are paraffins and ceresins, contained in varying quantities in all oils.
The physical properties of oils and petroleum gases, as well as their qualitative characteristics, depend on the predominance of individual hydrocarbons or their various groups. Oils with a predominance of complex hydrocarbons (heavy oils) contain smaller amounts of gasoline and oil fractions. Content in oil
V, M-ANT V
a large number of resinous and paraffin compounds makes it viscous and inactive, which requires special measures to extract it to the surface and subsequent transportation.
In addition, oils are divided according to the main quality indicators - the content of light gasoline, kerosene and oil fractions.
The fractional composition of oils is determined by laboratory distillation, which is based on the fact that each hydrocarbon included in its composition has its own specific boiling point.
Light hydrocarbons have low boiling points. For example, pentane (C B H1a) has a boiling point of 36 ° C, and hexane (C 6 H1 4) has a boiling point of 69 ° C. Heavy hydrocarbons have higher boiling points and reach 300 ° C and higher. Therefore, when oil is heated, its lighter fractions boil and evaporate first; as the temperature rises, heavier hydrocarbons begin to boil and evaporate.
If the vapors of oil heated to a certain temperature are collected and cooled, then these vapors will again turn into a liquid, which is a group of hydrocarbons that boil away from oil in a given temperature range. Thus, depending on the heating temperature of the oil, the lightest fractions - gasoline fractions - evaporate from it first, then the heavier ones - kerosene, then diesel fuel, etc.
The percentage of individual fractions in oil that boil away in certain temperature ranges characterizes the fractional composition of the oil.
Typically, in laboratory conditions, oil distillation is carried out in temperature ranges up to 100, 150, 200, 250, 300 and 350 ° C.
The simplest oil refining is based on the same principle as the laboratory distillation described above. This is the direct distillation of oil with the separation of gasoline, kerosene and diesel fractions from it under atmospheric pressure and heating to 300-350 ° C.
In the USSR, oils of various chemical compositions and properties are found. Even oils from the same field can differ greatly from each other. However, the oils of each region of the USSR also have their own specific characteristics. For example, oils from the Ural-Volga region usually contain significant amounts of resins, paraffin and sulfur compounds. Oils from the Embensky region are distinguished by relatively low sulfur content.
Oils from the Baku region have the greatest variety of composition and physical properties. Here, along with colorless oils in the upper horizons of the Surakhani field, consisting almost exclusively of gasoline and kerosene fractions, there are oils that do not contain gasoline fractions. In this area there are oils that do not contain tarry substances, as well as highly tarry ones. Many oils in Azerbaijan contain naphthenic acids. Most oils do not contain paraffins. In terms of sulfur content, all Baku oils are classified as low-sulfur.
One of the main indicators of the commercial quality of oil is its density. The density of oil at a standard temperature of 20° C and atmospheric pressure ranges from 700 (gas condensate) to 980 and even 1000 kg/m 3 .
In field practice, the density of crude oil is used to roughly judge its quality. Light oils with a density of up to 880 kg/m 3 are the most valuable; they tend to contain more gasoline and oil fractions.
The density of oils is usually measured with special hydrometers. A hydrometer is a glass tube with a widened lower part in which a mercury thermometer is placed. Due to the significant weight of mercury, the hydrometer takes a vertical position when immersed in oil. In the upper narrow part of the hydrometer there is a scale for measuring density, and in the lower part there is a temperature scale.
To determine the density of oil, a hydrometer is lowered into a vessel with this oil and the value of its density is measured along the upper edge of the formed meniscus.
In order to bring the resulting measurement of oil density at a given temperature to standard conditions, i.e., to a temperature of 20 ° C, it is necessary to introduce a temperature correction, which is taken into account by the following formula:
р2о = Р* + в(<-20), (1)
where p 20 is the desired density at 20° C; p/ - density at measurement temperature I; A- coefficient of volumetric expansion of oil, the value of which is taken from special tables; she
There are hundreds, or even tens of hundreds of so-called “unconventional” oil fields on Russian territory. They differ in the level of pollution, severity of extraction and subsequent operation. The method of developing each of these oil reserves depends on the field itself - its geographical location and all the nuances associated with a particular area.
The development of new oil reserves affects the situation in Russia in particular and in the world in general. Alas, now oil production in the most inaccessible sources and, as a result, the production of “dirty” fuels are subsidized and encouraged much more than all other methods of extracting “black gold”. Such measures could lead the country to an incredible collapse: it will be overflowing with oil resources that are harmful to the environment, and the climate will change under the yoke of a “carbon weight.” This can be avoided: it is enough to use government subsidies for the development of less carbon-intensive types of fuel - this, moreover, will ensure energy efficiency on a large scale - on a national scale!
1. Light general characteristics
2. Types black gold Light
Light oil - This crude with low specific gravity and high density API, containing high light hydrocarbon fractions, including gas condensates with a density of less than 0.872 g/cm3
Oil Light general characteristics
Light crude oil is a type of crude black gold with a low wax content. density not lower than 34° API and not higher than 42° API. It is difficult to find a clear definition for light and heavy black gold, probably because the classification is based largely on practical rather than theoretical concepts. When highly viscous oil became difficult to transport, refined oil with reduced wax content became known as “light crude.” Oil with a significantly higher wax content began to be called “heavy” (heavy oil).
Light and sweet oils reflect the difference in physical properties. Light black gold has a higher API gravity than heavy black gold, in other words, a thinner and thicker oil. The term sweet reflects the low sulfur content. Oil is mainly supplied to the market in the form of mixtures, these include a mixture of Brent and Light Sweet.
Companies such as Sibneft, "", TNK-BP mainly produce "light" oil, with low content sulfur. Tatneft Group and Bashneft, on the contrary, are developing fields with “heavy” oil, which is more expensive to process. However, all oil today is mixed in a pipe and goes under the Urals brand. It stands on the world markets less than its Western counterpart Brent.
Types of Black Gold Light
Arab Light is a brand of black gold mined in Saudi Arabia. Used in setting the Gulf price. Density is 32.8° API, content sulfur— 1.97%. Included in the OPEC export basket.
Basra Light is a brand of black gold mined in the vicinity of Basra (Iraq). Used when installing prices for other grades of export black gold in the region Persian Gulf. Density is 30.5° API, sulfur content is 2.90%. Included in the OPEC export basket.
Bonny Light is a brand of black gold mined in Nigeria. Used when installing prices for other grades of export black gold in the region Persian Gulf. The gravity is 33.4° API, the sulfur content is 0.16%. Included in the OPEC export basket.
Sources
ru.wikipedia.org Wikipedia - the free encyclopedia
oil.prompages.ru Russian Federation
abvgd-auto.narod.ru A car enthusiast's primer
enc.fxeuroclub.ru/ Forest Euroclub
Investor Encyclopedia. 2013 .
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