Keystone disruption boosts prompt WtI

摘要

January and February WTI both rose to $58.02/bl, pushing them above the March and April contracts. Tighter inventories at the grade’s delivery point at Cushing are helping WTI move into backwardation for the frst time in three years, with prompt prices holding premiums to forward values. Commercial crude stocks at Cushing fell by over 1.8mn bl to an eight-week low of just over 61mn bl in the week to 17 November.