Crude gave back $12 of its war premium on de-escalation talk. The distillate crack at $96.5 says the tightness never left.
Crude spent two sessions handing back the war premium, and the story of Wednesday's oil market is the one the headline price stopped telling. The product barrel did not get the memo.
WTI has traded down about $12 from the 17 September close of $101.91 so far this week, standing near $89.34 as of this writing, while Brent's last completed session, Tuesday 22 September, settled at $99.25 (MIL two-wars factsheet; Yahoo Finance), as de-escalation reporting around a reported Trump-Iran diplomatic track stripped out part of the premium that had carried crude to $105.83 intra-month. Yet the ULSD distillate crack versus Brent sits at $96.5 a barrel, from roughly $104 to $106 last week and against rou…
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