VLO: Valero Energy Corp. Message Board

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Gold/Mining/Energy : VLO: Valero Energy Corp.

VLO 177.35

-0.1%

1:20 PM EST

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To: carranza2 who wrote (79)	10/5/2006 9:19:32 AM
From: Wyätt Gwyön	of 299

Instead of discount, we'll be thinking of WTI as selling at a premium, with sour being the benchmark. already i think it is the case that WTI is a paper barrel. actual WTI production is something on the order of 1 million bpd, in a world consuming 86 mmbpd. the reality is light-sweet crude has already peaked. i doubt the conventions are going to change. the people in the industry are used to thinking of lower quality crude as selling at a discount, just as US drivers are used to thinking of driving in miles (not a perfect analogy by any measure, but you get my drift). if you look at stats on US imports of crude, the price per barrel is always WAY less than WTI, which shows that the weighted average barrel is nowhere near WTI quality.

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