Here is one nugget from the summary:
“WTI crude oil priced in Midland, Texas, declined sharply compared with Brent in April. Pipeline constraints in the Permian region continue to contribute to lower crude oil prices there relative to other regions, as discussed in the April STEO. As production grows beyond the capacity of existing pipeline infrastructure, producers must use more expensive forms of transportation, including rail and trucks. As a result, WTI Midland price spreads widened to the largest discount to Brent since 2014. The WTI Midland differential to Brent settled at -$17.69/b on May 3, which represents a widening of $9.76/b since April 2 (Figure 3).”
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