Stephen Schork of The Schork Report was on Bloomberg with Tom Keene yesterday to explain the differences between the Brent and West Texas oil markets and why the Brent market is a more accurate reflection of oil prices. He calls the often quoted WTI market a “corrupted” market.
He says gasoline prices are likely to follow the Brent market which is now trading at $110. Schork says it will be the “ugliest” summer for gasoline prices since 2008. If you’re trying to understand the details of the Brent and West Texas market and why there has been a divergence this interview is a must listen.
You can find the full interview here.