The Brent-WTI spread was the featured trade, again, yesterday, as WTI rose and Brent declined in price. The impact of the Keystone pipeline southern leg may finally be emerging. Last night, the API reported that Cushing inventories fell by over 1 million barrels, and that appears to be directly linked to the pipeline flow. Another wrinkle entered the calculus with the disclosure that the US government has approved limited “re-exports”…
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