Narrower Brent/WTI spread likely to reverse as US crude stocks begin to build

14th July, 2026

Aravind Bulusu
Texas oil rig

The unprecedented tight spread between the US crude oil benchmark and its European peer, driven by increased demand for US oil and the resultant depletion of the US crude stocks, is likely to undergo mean reversion as exports decline due to the reopening of the Strait of Hormuz, according to PVM Oil Associates.

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ABN AMRO
Bank of America
CBOE
Citi
Goldman Sachs
DRW Holdings
HSBC
J.P Morgan
Marex
Morgan Stanley
SGX
SocGen
Susquehanna
MUFG Investor Services
TP ICAP
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