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Why Oil Prices Are Splitting
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ticker lesson
Breakdown
0:00Brent· ticker
Brent — $104–105, spread 12–13 wide
- Brent trading 104–105
- Spread 12–13 wide
- Widest since May
- Iran war info in spread
0:01WTI· ticker
WTI — $92–94, 3M barrel build
- WTI trading 92–94
- 3M barrel crude build
- Domestically well supplied
- Spread reflects Iran war
0:02Brent· ticker
Brent — reflects shipping lanes, insurance
- Brent reflects disrupted shipping
- Higher insurance costs
- Inefficient tanker routes
- Russia-Ukraine war impact
0:03WTI· ticker
WTI — domestic supply, inventory build
- Domestically well supplied
- Crude inventories rising
- EIA reported 3M build
- Spread reflects Iran war
0:04lesson
Two-speed oil market
- Two-speed oil market
- US-Iran agreement → spread compress
- Brent should come in relative to WTI
- Attacks continue → spread stays wide
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