On the New York Mercantile Exchange (NYMEX), crude oil prices for NYMEX prompt-month contracts for Brent and Western Texas Intermediate (WTI) moved closer to each other. Data from NYMEX showed that Brent crude prices declined by 4.73%, while WTI rose slightly by 0.57% by the middle of April 2014 when compared to March 2014. As a result, the Brent-WTI spread is now the narrowest it has been since September 2013.
The prompt-month contract for Texas light sweet settled just above $101 USD/Bbl, while Brent prices dropped by $5 USD/Bbl to settle at $103 USD/Bbl. The past twelve-month averages for WTI and Brent are $99 USD/Bbl and $105 USD/Bbl respectively. The Brent-WTI spread narrowed to $2 USD/Bbl by mid-April 2014, $4 USD/Bbl below the past twelve-month average.
According to the Energy Information Administration, gasoline demand jumped to a three-month high as supplies dropped to their lowest levels since last November. This increase in gasoline demand coincided with lower than expected inventories, which pushed the prices higher. WTI gained as U.S. equities advanced and the dollar depreciated after minutes from the latest Federal Reserve meeting eased concerns about the timing of future interest rate increases. On April 9, 2014, electronic trading volumes on NYMEX
 Zhou, Moming. “WTI Crude Rises to One-Month High on Gasoline Demand.” Bloomberg, April 9, 2014. http://www.bloomberg.com/news/2014-04-09/wti-oil-above-102-before-supply-report-as-brent-rises.html.
Data Sources: CME