November 14 article: WTI Crude Falls on Supply as Brent Spread Widens (Go Long)
“Rising stockpiles are going to keep the pressure on WTI,” said Chip Hodge, who oversees a $9 billion natural-resource bond portfolio as senior managing director at Manulife Asset Management in Boston. “The discount to Brent keeps widening, as a result, and I don’t see it abating anytime soon.”
WTI for December delivery settled at $93.76 a barrel on the New York Mercantile Exchange after falling earlier to $92.51, the least since June 4. The volume of all futures traded was 54 percent above the 100-day average at 4:15 p.m.
Brent for December settlement, which expired today, climbed $1.42, or 1.3 percent, to end the session at $108.54 a barrel on the London-based ICE Futures Europe exchange. The more actively traded January contract rose $1.39 to $108.28. WTI’s discount to the North Sea grade expanded to $14.78, the most since March 21.