Brent would not be impacted by storage in America, since Brent is a product of the oilfields near the old Brent oilfield in north Europe.
Which brings up the topic of oil prices: there are many. Every blend, every location, has its own price. In fact the same oil can be sold at different prices if the seller so chooses. Of note Saudis have reportadly raised the price they offer americans as part of the deal, while lowering the price to asia.
Which leads to the saying:"In equity the algorithms are a secret and the prices are known, in oil the prices are a secret and the algorithms are public."
News can only talk about WTI or Brent, but exact prices at each market depend upon situations.
>Which brings up the topic of oil prices: there are many. Every blend, every location, has its own price. In fact the same oil can be sold at different prices if the seller so chooses.
True but largely irrelevant. WTI is a widely-cited benchmark because all those oil prices are highly correlated and so it's a good general measure.
And most abnormal ones. Even now they're correlated. And when e.g. one region has abnormalities, it doesn't really affect the purpose most people use this measure for.
Which brings up the topic of oil prices: there are many. Every blend, every location, has its own price. In fact the same oil can be sold at different prices if the seller so chooses. Of note Saudis have reportadly raised the price they offer americans as part of the deal, while lowering the price to asia.
Which leads to the saying:"In equity the algorithms are a secret and the prices are known, in oil the prices are a secret and the algorithms are public."
News can only talk about WTI or Brent, but exact prices at each market depend upon situations.