Spot Cargo Markets - Atlantic Divide

摘要

Oil markets were remarkably stable last week compared to the volatility seen since late last year. The growing disconnect between prices on either side of the Atlantic provided the main focal point for the petroleum complex. At one point last week the differential between US benchmark West Texas Intermediate and European marker Brent blew out to $12 a barrel. A primary reason for that price anomaly is rising inventories at Cushing, Oklahoma - WTI's pricing point. US crude stocks jumped by nearly 900,000 bbl in latest data from the Energy Information Administration. The ongoing decline in North Sea crude supplies is also a factor, as well as the pull toward Asia of Middle Eastern, Russian and West African crudes, JP Morgan said in a research note to clients. By Thursday, crude futures in New York settled at $85.64/bbl, while Brent on ICE Futures in London finished at $97.39.