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Why 2013 Was “The Year of Daft Punk” For The Brent/WTI Spread

This year has seen the WTI discount to Brent trading in a range from $23/Bbl in February to less than $1/Bbl in July then back out to $19/Bbl in November. On Friday (December 27, 2013) the WTI discount to Brent was $11.85/Bbl. During the year the spread behaved differently in three distinct periods - reflecting changes in the fundamentals as well as market sentiment. Today we review how the granddaddy of crude spreads fared this year.

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