Signs of Bullish behaviour, page-83

Most AU produced oil is sold against TAPIS pricing, set in Singapore. It typically trades at a premium to Brent and WTI. At the moment, WTI (West Texas Intermediate) is selling at a discount to world markets as they are producing higher volumes than they really have the capacity to refine, thanks to Shale wells.
Because US producers are forbidden from exporting crude, this means they have a local oversupply. I do notice the crude export is being exempted for a light/heavy swap with Mexico who has the reverse supply issue.

The upshot is, all my life crude has been quoted at WTI in the media, but currently Brent is probably giving a more "real" price for what the market clearing price of oil is globally. My understanding is TAPIS trades higher than Brent because the standard cargo parameters/formulation is more attractive to refine to diesel fuel, and the Asian markets have a higher demand overall, willing to pay a little extra for local cargo.

Note also, while oil is sold at TAPIS, most hedging seems to be done against Brent. So any widening of the spread between Brent and TAPIS would be favourable for producers.

The bottom graph here shows recent TAPIS/Brent pricing. Note, as far as I am aware, TAPIS doesn't necessarily trade every day, so is more volatile.
http://www.aip.com.au/pricing/marketwatch.htm