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WTI-Brent Spread at Narrowest Since December


The WTI-Brent spread has closed to the narrowest since December with declining stocks at Cushing and due to the addition of US WTI Midland crude into Dated Brent physical benchmark from June.

  • The front month spread has closed from around -6$/bbl in mid March to -3.71$/bbl today.
  • EIA data this week showed a draw at Cushing for the seventh consecutive week bringing stocks down from a high of 40.7mbbls in late February to 32.75mbbls.
    • Brent JUN 23 down 0% at 81.09$/bbl
    • WTI JUN 23 up 0% at 77.39$/bbl
    • WTI-Brent down -0.03$/bbl at -3.7$/bbl

Source: MNI / EIA

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