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On December 28, Ecuador Oriente high-sulfur crude for shipment to the Gulf Coast was quoted at a bid-ask (the lowest price a buyer was willing to pay versus the highest price the seller wanted; it does not mean the crude actually traded) of $29.94–$30.09, with the buyer assuming all the additional costs of shipping and insurance. That same day, the bigclothesforbigpeoplewithbigattitude same grade of crude for delivery to the US West Coast quoted at a bid-ask of $29.77–$29.87, with the seller picking up bigclothesforbigpeoplewithbigattitude the cost of freight and insurance. That difference could mean a couple of things – Oriente is bigclothesforbigpeoplewithbigattitude more useful in a Texas refinery than it is in a California one; or, possibly, the Ecuadorians are much more interested in cultivating California customers.
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