The price spread between Brent and West Texas Intermediate oil increased to a high of $13.26 per barrel on July 29. The price spread between Brent and West Texas Intermediate (WTI) oil increased to a high of $13.26 per barrel on July 29, the highest price spread since January 14, 2014, the U.S. Energy Information Administration (EIA) highlighted in its latest short term energy outlook (STEO). This wide Brent-WTI spread reflects supply and demand dynamics in Northwest Europe, according to the EIA, which outlined in the STEO that the difference had come down in the first few trading days of August but remained high. “Russia’s full-scale invasion of Ukraine has resulted in shifting trade patterns, leaving Europe to find substitutes for Russia’s oil,” the EIA noted in the STEO. “This change has driven up the price of Brent contracts to a level high enough to reduce Asia’s imports of […]