Today/tonight, from the Bloomberg site (dynamic site):
- WTI: $48.90
- Brent: $60.05
- WTI priced at Cushing
- Brent is "North Sea" oil
- years ago, WTI was the global benchmark
- more recently Brent became the benchmark
- everything I'm reading suggests challenges for those drilling in the North Sea
- it is being widely reported (and I've posted the links at this blog) that Cushing will reach full capacity by May, 2015, and perhaps as early as April, 2014
- no matter how fast the rigs are stacked, there's a lot of oil flowing into Cushing that is hard to stop
- it looks like Brent and Cushing are diverging (well, duh -- yes, but that was not being talked about back in 2013)
- the American cartel pits Brent against OPEC
- OPEC can probably move its price in the direction Brent is headed
- WTI becoming more and more "unrelated" to Brent, OPEC
It looks like the new metric -- how large will the delta become as a) oil from the North Sea declines; and, b) Cushing reaches capacity.
Maybe oil companies will reward customers for coming into their service stations to buy gasoline, perhaps even paying customers to fill their tanks.
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