Here is Jessica Summers, Blooomberg, on the divergence of Brent and WTI oil prices:
“Hedge funds’ net-long position — the difference between bets on higher prices and wagers on a drop — in Brent rose 5.6 percent to 440,074 contracts, ICE Futures Europe data show for the week ended Sept. 11. That’s the highest level in two months. Longs rose, while shorts slid to the lowest since May.
Meanwhile, the net-long position in WTI crude declined 5.1 percent to 346,327 futures and options, according to the U.S. Commodity Futures Trading Commission. Longs slid 5 percent, while shorts dipped 3.2 percent.”