Even the U.S. Energy Department no longer deems America’s benchmark oil grade the best guide to global prices, as rising production swells national stockpiles.
The Energy Information Administration in Washington dispensed with West Texas Intermediate for its price forecasts in its Annual Energy Outlook 2013 released yesterday, adopting North Sea Brent crude instead. It’s the first time the department has used Brent, reflecting “a growing discrepancy” between WTI and global crude prices, it said.Bloomberg BusinessWeek
Brent Favored Over WTI Oil by U.S. for First Time
Christian Schmollinger and Ramsey Al-Rikabi
(h/t Chris Cook via Twitter)