Reuters logo
WTI/Brent spread widens after U.S. govt data shows large crude build
January 22, 2015 / 4:57 PM / 3 years ago

WTI/Brent spread widens after U.S. govt data shows large crude build

NEW YORK, Jan 22 (Reuters) - The discount for U.S. crude relative to Brent crude futures CL-LCO1=R widened nearly 30 percent after weekly U.S. government data on Thursday showed a larger-than-expected U.S. crude stock build last week.

The arbitrage moved from around $1.73 a barrel at 11:01 a.m. EST (1601 GMT) to as much as $2.29 a barrel at 11:40 a.m. EST (1640 GMT). It has recovered slightly since.

U.S. crude stocks jumped 10.1 million barrels to 397.9 million barrels last week, according to data from the U.S. Energy Information Administration released at 11 a.m. EST (1600 GMT). It was the highest for this time of year in at least 80 years. (Reporting by Catherine Ngai; Editing by James Dalgleish)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below