Oil Markets When looking at this week’s key data of the oil and energy industry, we see that prices have stabilized in the mid $40 range as global outages continue to disrupt oil supply. (Click to enlarge) (Click to enlarge) Chart of the Week • The type of oil produced in the U.S. has becoming increasingly different from the type of oil that is imported. More than 70 percent of the oil produced in the Lower 48 has an API gravity of 35 degrees or higher, which is a lighter form of oil. Related: Russian Oil Executives Not Optimistic About Oil Prices • But 90 percent of the oil that is imported into the U.S. has an API gravity below 35 degrees, which means the oil is much heavier and more viscous. • Many refineries process heavy crude, so the surge in light oil means refiners have all the […]