Research (Česká spořitelna)
Commodities  |  June 14, 2011 14:15:03

Trading idea: spread between WTI and Brent crude oil is hitting all time highs


Trading idea:

The spread between benchmark oil západotexaskou light crude oil (WTI) and North Sea light crude oil (Brent) is hitting all time highs. Historically, the existence of extraordinary spread in recent months is explained by a combination of surplus WTI Cushing in storage due to insufficient capacity of oil pipelines leading from this place, on the one hand, and declining oil production on the other hand, Brent. The increase in the price of Brent was also the crisis in Libya, because Brent is qualitatively similar to Libyan oil.In our opinion, the present distribution spread exaggerated and temporary. Therefore, consider the current level to be appropriate to open a long position WTI / Brent short (either directly or through futures through a special derivatives (as an example, this contract https://www.theice.com/productguide/ProductDetails.shtml?specId=1242 ). Spread should return to around 15 USD and in the longer term, the resumption of mining in Libya and build a pipeline from Cushing should return to zero (but it may take one to two years). 




Ľuboš Mokráš
Czech Savings Bank

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Trading idea: Spread mezi ropou WTI a Brent je na historickém maximu

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