Gulf Crudes Rise From 4-Month Lows as WTI-Brent Spread Widens
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Gulf Coast oils on the spot market strengthened after reaching four-month lows last week as the spread widened between U.S. and European benchmark crudes.
The discount of West Texas Intermediate to Brent widened as much as 4.4 percent after narrowing to $17.08 a barrel on Jan. 11, the smallest gap since Aug. 28, after the Seaway pipeline began flowing at expanded rates to Houston from Cushing, Oklahoma. When Brent gains versus WTI, it typically strengthens the value of U.S. grades that compete with foreign oils priced against the European benchmark.