《《ICE_Monthly_Oil_Report》.pdf

February 2014 ICE Brent Futures: ICE WTI-Brent Spread: Front-month ICE Brent Futures remained largely unchanged Front-month ICE WTI’s discount to Brent narrowed by over the month, settling at $106.40/bbl, 31 January, down by $3.43/bbl to $8.91/bbl by the end of January a level last seen 1.2% from the start of the year. The rangebound nature was in October 2013. The December 2014 ICE WTI/Brent spread influenced by two opposing forces; on one side improved narrowed by $1.65/bbl, settling at -$11.75/bbl by months economic conditions in developed countries, as evidenced by end. The strength of WTI versus Brent was fuelled by the a raised IMF growth forecast and a revised upward oil startup of the Keystone XL southern leg pipeline that is demand forecast for OECD countries from a major energy gradually increasing crude shipments, from Cushing to the US watchdog. On the other side were emerging market jitters Gulf Coast, towards the pipeline’s 700,000 bpd capacity. demonstrated by slowing economic activity, currency Further to this, the construction of the pipeline from Jones devaluation and political instability. Supply disruptions in Creek to the ECHO terminal has helped alleviate the Libya, South Sudan, Iraq and other countries in the MENA transportation constraints on the Seaway pipeline, another region continue to be a factor in supporting oil prices but