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.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.