February 2016 – Crude Oil Brent vs. WTI: Prompt-Month Contract (NYMEX)


MMA - Brent vs. WTI Prompt month Feb 2016

The ZEMA graph above shows the price of crude over the year as demonstrated by the monthly average of the prompt-month NYMEX Brent and WTI contracts. WTI is represented in red, Brent is a blue line, and the Brent-WTI spread is shown as the grey area. Units are in USD/bbl. The graph demonstrates the well-known fact: oil prices have been dropping during the year with some uptick movement by Brent in February 2016. The spread between Brent and WTI has been narrowing ending at $3/Bbl in February. The price upswing can hardly be explained by changes in fundamentals; it is likely that sentiments have played a part in it. On February 17th, OPEC and Russia tentatively agreed to freeze output. Yet to be realized, this agreement has been supporting the price stabilization.

Data Sources: NYMEX


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