Oil Surges Back Above $100 Thursday

March 17th, 2011
in econ_news

oil up Econintersect:  Oil prices surged back over $100 in New York for WTI (West Texas Intermediate) crude on Thursday, March 17.  In London, Brent crude closed trading at almost $115.  The April futures contract on the NYMEX for WTI closed more than $2 higher than the spot price.  This was the first time in over two weeks that such a large premium for the futures price had been seen.  A premium for the futures over the spot price represents speculation that prices will be higher when the futures contract settlement date arrives in April.

Follow up:

The data:

  • WTI Cushing Spot            $101.42    +3.5%
  • Dated Brent Crude           $114.81     +4.2%
  • NYMEX Crude Future    $ 103.61    +2.2%

The spread between Brent and WTI opened up to $12.19.  It had been much lower for the past week.

Source:  Bloomberg

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