Crude evolutionary theory

摘要

WTI's problems as a dislocated benchmark are becoming entrenched. A crude overhang persists in the US midcontinent, where WTI is priced. Uncertainty over how and when this will be dealt with is increasingly reflected in longerdated futures markets, as discounts to other global markers along the forward curve have widened for years to come. The suitability of WTI as a hedging tool rests to an uncom- fortable degree on its liquidity alone. The market is now evolving to find ways around WTI's inaccuracy as a marker.