Here are a couple of oil price charts from oil-price.net so you can view the current WTI to Brent Spread. After the lifting of the US oil export ban the spread between West Texas Intermediate and Brent crude has narrowed, and for now even reversed with WTI oil trading higher than the world standard Brent pricing.
It is expected that the world’s two main standards of crude oil pricing will begin to meet as US crude begins to ship overseas. There is currently a large quantity of crude oil stored on tankers in the United States. Much of this tanker – stored crude may begin to find its way overseas as competition heats up to supply international refineries.
Stay tuned to this site and bookmark this page to follow the Brent – WTI spread as oil producers in the United States finally have the opportunity market their crude on the world market and to go head to head with those who are seeking to bankrupt our US oil industry. There is no doubt that Saudi crude is cheaper to produce than US crude, yet US shale drillers have become even more efficient and can now produce more oil from a single well thanks to more efficient drilling and fracking techniques.
The chart below shows that the Brent vs. WTI spread has been narrowing for some time. Now with surplus US crude set to trade on the world market the two price standards may begin to mirror each other with a narrow margin between them.
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