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Crude Oil Report WTI May Top $100 As Brent Surges To $113, Spread To Narrow Amid Plunging Midwest Inventories- Written by Sumit Roy |
- August 08, 2012
WTI May Top $100 As Brent Surges To $113, Spread To Narrow Amid Plunging Midwest Inventories
- Details
Oil prices have performed well, but WTI has underperformed its European counterpart. That could change as U.S. Midwest inventories plunge.
The Department of Energy reported this morning that in the week ending Aug. 3, U.S. crude oil inventories decreased by 3.7 million barrels, gasoline inventories decreased by 1.8 million barrels, distillate inventories decreased by 0.7 million barrels and total petroleum inventories decreased by 1 million barrels.
Crude prices continued to rally after the latest inventory figure. Both Brent and WTI are now at the highest levels since May.
BRENT
WTI
Brent topped $113 and is climbing just as swiftly as it had fallen from March through June. Though WTI has followed suit, the WTI-Brent spread is above $18, near the high end of the recent range.
But with inventories in the U.S. Midwest declining swiftly, we believe that the gap between the two benchmarks can narrow to somewhere between $10 and $15 in the coming weeks.
That should spur WTI outperformance versus Brent, with the potential for the U.S. benchmark to surpass $100.
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