US crude traders are keen to retain WTI as a benchmark crude, despite recent price distortions. High stocks at Cushing, the delivery point for Nymex light sweet crude futures, have heavily depressed the prompt WTI market relative to forward months and to other global benchmarks (AGM, 19 January, p1). "Volatile WTI is sending mixed and misleading price signals not only to the market but to economic forecasters, government officials and policy makers," the IEA says.
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