Update on the WTI-Brent Spread Now That The Seaway Has Been Reversed

The first crude following the Seaway reversal reached the gulf on June 7th. The spread at the time was about $16 according to Bloomberg; it is now down to $12, using the same source.

Unfortunately, because of all the events occurring in Europe in the past week, since the reversal, the price of Brent has continued to slide, thus making it difficult to sort out whether the narrowing delta is due to the Seaway reversal or the events in Europe.

I would not even want to hazard a guess, but it will be interesting to follow over the next few months.