WTI-Brent Spread -- The Market Realist

This is nothing new for regular readers. I didn't read the entire article at the link so I don't know if they explained the narrowing spread, but here is the story from MarketRealist:

The spread between West Texas Intermediate (WTI) and Brent crude represents the difference between two different crude benchmarks, with WTI being more representative of the price that US oil producers receive and Brent being representative of the prices received internationally. The two crudes are of similar quality, and theoretically should be priced very close to each other. However, the prices had differed greatly between the two crudes because a recent surge in production in the United States has caused a buildup of crude oil inventories at Cushing, Oklahoma where WTI is priced. This created a supply/demand imbalance at the hub causing WTI to trade lower than Brent. Before this increase in US oil production, the two crudes had historically traded in-line with each other.

Great news for just about everyone.