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Price gap between WTI and Brent crude shrinks
The discount on North American crude, which has cost Canadian oil producers billions in revenue in the past year, is shrinking rapidly as futures traders see new prospects for shipping oil to the Gulf Coast.
Enbridge Inc.`s (ENB-T35.76-0.47-1.30%) announcement of a proposed new pipeline from Cushing, Okla., to Texas, is changing the dynamics of the oil market. Prices for West Texas intermediate (WTI), the benchmark price for North American oil, rallied sharply Wednesday on the news, before pulling back Thursday.
Read the full article here.
The discount on North American crude, which has cost Canadian oil producers billions in revenue in the past year, is shrinking rapidly as futures traders see new prospects for shipping oil to the Gulf Coast.
Enbridge Inc.`s (ENB-T35.76-0.47-1.30%) announcement of a proposed new pipeline from Cushing, Okla., to Texas, is changing the dynamics of the oil market. Prices for West Texas intermediate (WTI), the benchmark price for North American oil, rallied sharply Wednesday on the news, before pulling back Thursday.
Read the full article here.