"West Texas Intermediate may not be a better indication of global prices than Brent, but it's a clear reflection of where the U.S. oil industry is headed."
The whole conversation at the moment is centered around US production, WTI, and putting US production out of business. We are even using a US rig index to monitor it. If you're talking global prices and direction, sure Brent is better, it's even more relevant to WPL, but the number one market worldwide is the US so it's easy to slip into discussions about WTI and not even know you are doing it. It's semantics at the end of the day but the US rig count is what matters given that the US is the number oil producer at the moment and it has fallen further and faster than I would have imagined. I'd say we are 3/4 of the way through this oil correction but you never know. Falling oil is normally a precursor to something else going on.
WPL Price at posting:
$34.28 Sentiment: Hold Disclosure: Held
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