Dated Brent Spot - $99.98
11:00 a.m. EDT
UPDDATE:
Dated Brent Spot - $99.58
11:30 a.m. EDT
What happens when the $100 support is breached?
The $100 level will be heavy support, so it will be interesting to see if the commodity can test this area. The fact is that demand has fallen as the global economy has softened and this has pushed crude prices lower.
http://www.forbes.com/...
NYMEX Crude Future 104.30
WTI Cushing Spot 104.27
http://www.bloomberg.com/...
Is the gap between Dated Brent and NYMEX/WTI another squeeze in the works?
A typical Brent squeeze involves a company quietly building a strong position in short-term swaps called contracts for difference, or CFD's, for a differential not reflected in current prices. The company then buys enough cargoes in the dated Brent market to drive the physical crude price higher, which boosts the CFD differential, Mabro said.
The company may lose money on the physical side, but it's more than compensated from profits on its offsetting paper position in the short-term swaps market, Mabro said.
http://www.financialpolicy.org/...
Since the oil price break in early July a larger and larger gap has been developing between Brent and the NYMEX/WTI. But far be it from me to suggest that oil prices may be manipulated.