Having diverged significantly overnight from Brent crude prices, WTI is now exploding higher, breaking back above $100, after hopes of a US export ban were crushed by Politico's sources.
Sophia Cai (@SophiaCai99) posted on X that:
NEW: The White House will not implement a crude export ban, and told oil executives as much at this morning’s meeting with API, per an admin official who participated in the meeting.
The reaction was immediate...
Erasing the overnight blowout in the WTI-Brent spread...
Will The White House deny this and signal the possibility?
https://www.zerohedge.com/energy/wti-crude-bursts-back-above-100-after-us-export-ban-hopes-crushed
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