WTI and Brent crude futures settled in negative territory pulled lower by a drop in RBOB gasoline of 2%, the largest drop since November on expectations that a large number of European cargoes could hit US shores. The Seaway pipeline expansion has narrowed the spread between Brent and WTI futures to the lowest levels since September 20th. The pipeline that has been shut since the January 2nd restarted today after expanding its capacity from 150,000BPD to 400,000BPD. Brent trading volumes outpaced activity in the US contract, up nearly 20% over the 30-day moving average. WTI crude on the New York Mercantile Exchange traded 9% below its 30-day moving average. For the week US crude settle up USD 0.47 or 0.50%.
Print 19:33, 11 Jan 2013 - Commodities - Source: RANsquawk
RANsquawk provides audio news and commentary for over 15,000 professional traders and brokers worldwide. Services include: