U.S. Crude Oil Benchmark Out of Whack With Brent Gauge
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West Texas Intermediate, the U.S. oil benchmark, hasn’t been this out of step with global gauge Brent since 2015. That’s due to increased U.S. production that is landlocked, unable to be exported, and growing pipeline constraints. “If we are going to see these benchmarks move closer together, we have to get that light sweet oil out of the U.S. and onto the international market,” said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas in London.