I believe price is defined by storage and inventory levels of oil and gasoline generally, split into 2 broad categories. BPT follows the Brent price. It's complicated because delivery depends on the type of oil the refinery processes. e.g. A lot of US shale oil is condensate but US refineries are mostly built for Mexican/Venezuelan crude so they have to export much for processing. I saw a table of all the different types of oil and there are about 40 or more.
On that topic, in the US, there's no infrastructure in some areas to capture the fracked gas so they just burn it off. You can see it on nighttime satellite photos. What a waste. So, it's a lot down to the infrastructure and I think that's one of BPT's strengths in the West.
BPT Price at posting:
$2.77 Sentiment: Buy Disclosure: Held
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