pgabriel

Hello,

The crude invenotry at the delivery point (Cushing, Oklahoma) for West Texas Intermediate doesn't reflect all of the issues on the current prices for crude and the refined products of gasoline and heating oil - diesel. The spread between Brent crude and West Texas crude widened quite a bit until it has now become profitable to buy West Texs crude (even at Cushing, Oklahoma) and ship it to other parts of the world. There is still a profit doing that even after paying transportation costs.

Of course, that concept is "on paper" and probably not happening much at all in the real - physical world.

Thank you
David