Brent Vs NYMEX: The Spread, Already A Record, Is Likely To Get Worse

Link here.

More than ever, the price of oil depends on where you look. Oil prices have sunk to a two-month low around $85 a barrel on the New York Mercantile Exchange, but ICE's Brent oil futures are soaring toward $100 a barrel.

The gap between the two prices--more than $12 as of Friday morning--is the biggest ever. NYMEX March futures were recently trading up 0.3% at $85.85 a barrel, while ICE March Brent trades up 0.6% at $97.97 a barrel. (Bakken is NYMEX.)

If it's due to a storage problem at Cushing, Oklahoma, the spread is likely to get worse.