The headline is truncated, they often are. More:
- U.S. refiner Phillips 66 dumped crude for immediate delivery in Cushing on Wednesday
- The unusual sales of excess oil added pressure to the March/April WTI futures spread, with the front-month discount widening to as much as $2.37 a barrel on Wednesday, the most since November
- It was unclear how many barrels one of the largest U.S. independent refiners sold, but three traders confirmed at least two deals traded at negative $2.50 and $2.75 a barrel. Two sources said a second refiner was also looking to offload barrels but transactions were not confirmed.
WTI has been heavy indeed this session
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.