The Future of Brent Crude

I think many people are surprised that following the 2015 lifting of the US ban on crude oil exports, US Gulf Coast exports of WTI Midland quality crude to Europe have become quite substantial. Does that mean that Brent may lose its role as a benchmark and could simply become a spread or basis differential to WTI in the future? Will it just trade? Will Brent become WTI at the Gulf Coast plus freight? Yeah, I mean, that's a fair question. Of course, everyone has their own angle to the fact. But if anything, they're just a good thing because it just brings together two most important benchmarks in the world.