Commodity market report

North America crude markets: Brent-WTI, Permian rigs vs DUCs, Mars premium, infrastructure update

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Report summary

The wide Brent WTI spread remained in focus in September averaging above $5/bbl for the month. Return of USGC refiners to normal operations is being modestly offset by PADD II maintenance season weighing on crude demand at the Cushing hub. Regional crude flows still appear to be distorted with two consecutive US crude inventory draws but two Cushing stock builds. Mars has recently been trading at a rare premium to WTI as OPEC cuts have lifted global medium prices and the wide Brent WTI spread makes exports out of the Gulf Coast more attractive. Canadian pipeline projects continue to evolve as TransCanada officially terminated Energy East and Kinder Morgan's Trans Mountain pipeline ran into trouble with the National Energy Board.

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    North America Crude Markets short-term outlook October 2017.xlsx

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    North America crude markets: Brent-WTI, Permian rigs vs DUCs, Mars premium, infrastructure update

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