The price differential between the two most important crude oil benchmarks is widening again, a reflection of a divergence in the supply fundamentals between the U.S. and the rest of the world. At the beginning of 2017, WTI and Brent traded closely , with just a slim price differential. The spread blew out in late summer after Hurricane Harvey, which devastated the U.S. Gulf Coast and put refineries and ports out of business for several weeks. That led to a buildup of crude oil along the Gulf Coast because it had nowhere to go, resulting in a temporary glut that pushed down the WTI benchmark relative to Brent. However, earlier this year, the gap narrowed sharply . The oil market continued to tighten, despite financial volatility. Also, inventories in the U.S. fell significantly in the latter part of 2017, taking away some of the surplus that had dragged down […]