Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: ItsAllCyclical who wrote (60685)	2/21/2000 8:17:00 PM
From: upanddown	Read Replies (2) of 95453

Lots of talk from OPEC bigwigs about "the price of oil". When I read this, I often wonder "the price of WHAT oil? If the Mexican guy wants a $20-25 band, is he talking about Mexican light (Isthmus) which usually sells for about $2 less than WTI? I assume he isn't talking about Maya heavy which sells for $4 less than Isthmus but maybe the average price Mexico gets for their oil? Is he talking about the OPEC basket price which has about the same discount to WTI? I think most of us here are thinking about our benchmark crude (WTI) as "the price of oil" while OPEC may be thinking about their price, which is frequently 10% or so below WTI. My guess is that Mexico wants $20-25 for their crude, which implies $22-27 for WTI and $21-26 for Brent if current differentials hold. That two bucks could make a major difference to the bottom line of domestic producers. This is a list of current world prices from about 10 days ago... ftp://ftp.eia.doe.gov/pub/oil_gas/petroleum/data_publications/weekly_petroleum_status_report/current/txt/table12f.txt John

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