Seaway pipeline reversal: beginning of the end for negative WTI-Brent spread?

newspumpjackoil

This week sees the start of the much talked about reversal of the Seaway pipeline, which runs from the delivery point for West Texas Intermediate (WTI) crude in Cushing, Oklahoma to Freeport, Texas. The reversal of the 500-mile pipeline has generated debate as to whether the oil market has hit a turning point that will eventually see the restoration of the WTI-Brent spread to more traditional levels.

Historically, WTI has had a $1–2 barrel premium over Brent due to its physical qualities

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