Parity: WTI and Brent near parity. Link here. I used to track the spread; haven't done that in a long, long time. Historically, though I no longer know what "historically" means when it comes to oil, WTI sold at a premium to Brent. I forget when that changed but it was so long ago (at least in my mind) that "historical" seems to have less relevancy now except perhaps for the older oil traders.
- a reminder: WTI now part of the Brent blend;
- about $2.35 / bbl to carry WTI to blend with Brent
- knock off the transportation cost, and WTI / Brent almost at parity
A reminder:
The Brent benchmark has seen downward pressure since WTI crude was included on June 1 in the Brent crude basket that underlies the world's most traded benchmark contract. WTI Midland became the first non-European grade included in the basket, highlighting the change that the U.S. shale revolution brought about for the global oil market.
After WTI Midland joined the Brent benchmark, Brent has seen downward pressure because WTI shipments to Europe are much higher than the combined loadings of the other crudes underpinning the North Sea benchmark.
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