As WTI and Brent Reunite, Gulf of Mexico Faces Squeeze, Not Glut

Reuters: Even after a surprisingly vigorous surge in U.S. crude oil prices finally eliminated a three-year discount versus global benchmark Brent, some cash markets are sending a curious signal: refiners are ready to pay even more. U.S. oil futures reached parity to European Brent on Friday for the first time in nearly three years, a sign new pipeline capacity is finally moving a glut of crude out of the U.S. Midwest. The gap, which before 2010 rarely widened to more than a few dollars, was $10 in early......

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