Light Sweet Oil Approaching $120

I missed most of this which was just a short report on CNBC a few minutes ago (10:07, March 3, 2011): apparently prices for light sweet oil in certain parts of the United States are above $110, and approaching $120. That certainly is not reflected here.

North Dakota sweet was not mentioned in that report. Alaska sweet was mentioned. I was not even aware there was an Alaska sweet. And obviously there are transportation costs bringing Alaska oil to the lower 48.

North Dakota sweet yesterday was $81 versus $78 the day before. You can follow North Dakota sweet here (same link as above). These are spot oil prices and sets range for new contracts. Remember, most of the oil is sold on contract, and prices were set six months ago for oil being delivered today. At least that's how I understand it. If really off base, I'm sure someone will let me know.