UCO - Global Oil Supplies Are Tightening
Welcome to the Oil Market Fundamental sample report edition of Oil Markets Daily!
Oil prices are inching higher today with Brent outperforming WTI and widening the Brent-WTI spread to $8.6/bbl. This is rather surprising since EIA just reported that US exported ~2.8 mb/d of crude last week, so normally with such higher exports, Brent-WTI spread narrows. But the strength in Brent is evident today and we think it has something to do with the gauge that oil-on-water is decelerating lower.
Oil-on-Water
Following the brief dip in the middle of January, oil-on-water is once again decelerating