You’ll see.
WTI is not regional. It’s an API rating. You can make it with poor quality crude analagously diluted with NGLs.
Ohio Tea must be pretty weak because that’s all liquids. Wet gas. There’s some crude in there, but it’s not much.
Owen - The Utica Shale will produce three discreet products:
1) Natural Gas - methane (CH4)
2) NGLs - components of a reservoir gas stream that are seperated out into liquids at the surface.
3) Oil - a mix of a huge number of very different and complex hydrocarbon molecules.
How do you know there’s not much crude oil to be recovered from the Utica?? The closest comparison is the Eagle Ford, from where huge quantities of crude oil are being shipped today. Oil and NGLs are two very different animals. If CHK claims they are producing from extensive oil legs in the Utica, I tend to think they are.
Oh and why do you bring up WTI?? (which has nothing to do with the American Petroleum Institute). It is a benchmark for a type of light sweet crude that underlies the NYMEX’s futures contract. (Other global benchmarks include Brent, Dubai, etc.)