WTI and Brent crude futures settled in negative territory coming of near session high levels following a less dovish FOMC minutes release. The release which stated that several FOMC members considered ending quantative easing before 2013 weighed on riskier assets; this release also caused USD strength which exacerbated the downward move in crude futures. Brent's premium to WTI narrowed, in part due to news a major expansion of the Seaway pipeline, this is aimed at easing the bottleneck at the Cushing, Oklahoma oil hub which has depressed US prices and should be at full rates by the end of next week. Participants will be watching out for API release today at 2130 GMT, delayed due to the New Year day's holiday on Tuesday, furthermore Wednesday’s delayed DoE’s are due tomorrow at 1600GMT.
03 Jan 2013 - 19:32 - Energy - Source: RANsquawk
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