WTI Discount to Brent Narrows on U.S. Stockpiles
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West Texas Intermediate crude’s discount to Brent narrowed to the least since October before data forecast to show that distillate fuel inventories declined for a seventh week in the U.S., the biggest oil consumer.
WTI rose as much as 0.8 percent in New York, shrinking the discount to North Sea Brent to the least since Oct. 9. Distillate stockpiles, including heating oil and diesel, probably dropped by 1.25 million barrels, according to the median estimate of 10 analysts surveyed by Bloomberg before the report from the Energy Department today. Temperatures will be 15 degrees Fahrenheit or more below normal from Montana to western New York through March 1, according to Commodity Weather Group LLC in Bethesda, Maryland.