Flashback: WTI And The Changing Dynamics Of Global Crude Oil -- CME Group, January, 2017 -- Posted December 18, 2017

This is a must-read; too much to excerpt.

The article begins:

The new storage and pipeline infrastructure in the United States is so significant that it is likely to have a transformational impact on the crude oil market for years to come. These changes are likely to spur more trading in US domestic grades and will magnify the role of WTI has global benchmark.

The catalyst for this transformation has been the sharp rise in US oil production, and more recently, the lifting of the export ban on US crude that occurred at the end of 2015. In order for the US to turn itself from a net importer to exporter, several key pipelines had to be reversed. At the same time, oil refiners and storage operators along the Gulf Coast set about increasing the amount of available storage capacity. A number of new terminals are in the process of being built along the US Gulf Coast to handle the rising number of ships arriving to load cruse destined for the international markets. These infrastructure changes will transform the US into the marginal supplier of the world than a regional supplier. This will allow producers to take advantage of arbitrage opportunities that pre sent themselves beyond the US shores.

There are several subsections:

• US crude oil production proves resilient
• US exports are increasing
• expansion of crude oil infrastructure in the US Gulf Coast
• NYMEX WTI futures volumes outpace Brent futures
• Brent production in decline
• dated Brent-related derivatives remain a focus

For future reference:

• light oil, US; oilprice.com, November 28, 2017
• detailed guide on the many different types of crude oil: oilprice.com, December 2, 2009
• effective January, 2019, it sounds like the CME Group my designate one "standard" US light sweet grade oil