WTI Oil Trades Near Four-Month High on Seaway Pipeline Expansion

Oil traded near a four-month high in New York, narrowing its discount to Brent crude to the least since September, after the expansion of a pipeline that may reduce a glut in the U.S. Midwest.

Crude for February delivery rose as much as 73 cents to $94.29 a barrel and was at $93.80 in electronic trading on theNew York Mercantile Exchange at 9:01 a.m. London time. Volume for all contracts was 11 percent higher than the 100-day moving average. Prices climbed 0.5 percent last week.

Brent for February settlement was at $110.91 a barrel, up 27 cents, on the London-based ICE Futures Europe exchange. The number of contracts changing hands was 32 percent higher than the 100-day average. The European benchmark contract was at a premium of $17.09 to WTI. It settled at $17.08 on Jan. 11, the narrowest gap based on closing prices since Sept. 19.

Alfa Energy Group

Alfa Energy Group, an Edison Energy company, is an international energy, sustainability and technology consultant partner with 250 employees over 3 international locations. For over 25 years, Alfa has been servicing its clients’ needs through energy and water management, sustainability, and compliance consulting, and an intuitive ecosystem of user-driven energy, water, and carbon management software platforms. With coveted awards, an international industry-wide recognition, and clever simple solutions, today Alfa is partnering with clients to establish and deliver pivotal net zero strategies. Through smart energy management, the expertise and diligence of its people, transparent processes, and data management, Alfa continues to lead through its recognised gold standard of service delivery.

View all posts