Brent challenges WTI despite questions about oil benchmark
Brent is challenging West Texas Intermediate for the title of the world’s preferred oil benchmark. But as market participants flock to the North Sea crude contract, some critics question whether it is truly a reliable gauge of global prices. Alexander Osipovich investigates
The world's most venerable energy futures contract has fallen on hard times. Futures linked to West Texas Intermediate (WTI) light, sweet crude oil have been a closely watched gauge of global prices and a key tool for energy risk management ever since they started being traded on the New York Mercantile Exchange (Nymex) in 1983. Over the past few years, however, WTI has been undermined by dramatic shifts in North American physical markets. As US and Canadian oil production has surged, a glut of
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