• 4 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 7 minutes Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 13 minutes NordStream2
  • 2 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 5 hours California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 52 mins Did China cherry-pick the factors that affected the economic slow-down?
  • 2 days U.S. : Employers Can Buy Retirement Security for $2.64 an Hour
  • 2 days Nord Stream - US/German consultations
  • 4 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 408 days Class Act: Bet You've Never Seen A President Do This.
  • 4 days An Indian Opinion on What is Going on in China
  • 1 day Forecasts for Natural Gas
  • 2 days Australia sues Neoen for lack of power from its Tesla battery
  • 4 days Storage of gas cylinders
  • 4 days Can Technology Keep Coal Plants Alive and Well?
Brent Crude Nears $85 As Global Energy Crisis Worsens

Brent Crude Nears $85 As Global Energy Crisis Worsens

Oil prices extended Friday’s rally…

Oil Rallies To Fresh Multi-Year Highs

Oil Rallies To Fresh Multi-Year Highs

Oil prices rose early on…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Rising Demand Closes The Gap Between WTI And Brent Prices

Rising oil demand in the United States and flat domestic production in recent months have boosted the price of the U.S. oil benchmark WTI Crude, which has significantly narrowed the discount to Brent Crude in recent weeks.

According to GasBuddy data, weekly U.S. gasoline demand for the week to June 13 rose for the fourth consecutive week to a new pandemic high, and was up by 0.8 percent from the prior week.

U.S. gasoline and distillates production is also rising, with gasoline production averaging 9.9 million barrels per day (bpd) in the week to June 11, compared with 9.4 million bpd a week earlier, the EIA said in this week’s inventory report. Production of middle distillates averaged 5.1 million bpd last week, compared with 4.9 million bpd a week earlier.

Refinery utilization rates jumped to 92.6 percent in the week to June 11, the highest since the start of the pandemic. This was higher than the four-week average of 89.9 percent. Refiners in the Midwest used capacity at 97.3 percent last week.

The recent strength in oil prices has been led by the U.S. benchmark, with the WTI discount to Brent quickly closing in on US$2 a barrel, compared to more than US$4 per barrel back in April, ING strategists Warren Patterson and Wenyu Yao said this week.

“Refinery runs in the US have picked up considerably, back to levels last seen in January 2020, while crude oil output continues to hover around the 11MMbbls/d mark,” they added.

WTI prices could even catch up with the price of Brent, although this is not the base-case scenario for RBC Capital Markets analyst Michael Tran, who told Bloomberg: “It’s a function of U.S. demand accelerating out of the gate.”

The narrowing of the spread, however, will likely result in lower U.S. crude oil exports going forward.

“The narrowing in the WTI/Brent spread suggests that we should see US crude oil exports trending lower,” ING said.

Early on Friday, WTI Crude was trading at $70.67 and Brent Crude at $72.57, down by around 0.5 percent, with the prompt spread at less than $2 a barrel.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Olprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Manoj on June 19 2021 said:
    Is Oil price will hold up for some time!

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News