MIDLAND, Texas (Bloomberg) -- Skyrocketing oil production in the Permian basin has reversed a decades-old price relationship between heavy and light crude in the U.S.’s largest oil patch. West Texas Sour traded at a $5-a-barrel premium to West Texas Intermediate in Midland, Texas, Aug. 20 after reaching $10 on Aug. 19, the highest level in Bloomberg data dating back to 1989.
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