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Title: ECONOMICS OF HYDROCARBON COMPOSITIONAL AND QUALITY DETERMINATION THE DOLLARS AND SENSE OF HYDROCARBON SAMPLING
Author: David Wofford
Source: 2018 Natural Gas Sampling Technology Conference
Year Published: 2018
Abstract: Since we last attended NGSTech Conference in January 2016, the West Texas Intermediate (WTI) price for crude oil has ranged from 29 to 57 per barrel. The Henry Hub natural gas spot price has ranged from 1.73 to 3.59 MMBTU. Propane has ranged from 0.343 to 0.997 per gallon. Other natural gas liquids (NGLs) have seen similar price trends. Why does the commodity value of these hydrocarbon products continue to vary? Well, there is certainly no shortage of high-minded insight into the intricacies of U.S. and global petroleum economics, and (heaven forbid) political punditry to enhance the discussion. However, the bottom line is the most viable and simple explanation - supply and demand. The world, and certainly the United States, is experiencing significant over supply of petroleum products versus the associated demand for such. Large consumers of petroleum, such as the U.S. and China, are seeing decreased demand, while production and available supply have continued to grow. At some point, the lines cross on the curve, the gap widens, and the laws of economics take over.

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