The Brent-WTI spread has whipped around so much, lately, that it may be the latest “safe” spread trade to take on the “widow maker” moniker. Yesterday, it narrowed by more than $2.00 per barrel, feeding off the weekly US inventory report, which showed a 5.6 million barrel decline. This, of course, punctuated the news of the start of the Keystone pipeline southern leg and the even larger decline in US inventories reported by the API on Tuesday. The report also showed a sizeable rise in East Coast refining activity, which rose 8.1% to 84.3%.
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