Brother, can you hold a few of these for me?
This will be a short and simple article. Yet it might be helpful in understanding some of the crude market’s dynamics.
As I write this, May (front-month) WTIC (Western Texas Intermediate Crude) crude oil futures are crashing 37% to $11.50/barrel. At the same time, Brent Crude futures are dropping hard, yes, but still hover around $26/barrel. This is a massive differential. Indeed, that isn’t the only massive differential we can see today. Even though WTIC crude for June (the next futures expiration) is also falling