WTI falls despite gains elsewhere

摘要

Most oil markets registered small gains, recovering losses stemming from concerns over the restructuring of debt in Dubai that unsettled equity markets.But US benchmark January WTI fell by $1.50/bl, or by 50/bl on a front-month basis, to close at $76.46/bl on 3 December, and Atlantic basin marker North Sea Dated rose by $1.23/bl to close at S77.79/bl. WTI is once again trading below North Sea crude because of high stocks in Cushing,the delivery point for WTI. The artificial weakness of WTI relative to the fundamentals of the US crude market as a whole is distorting differentials to the benchmark.