WTI to trade at a premium to Brent by 2021

Earlier this week, the virus-related economic disruption and the prospect of a surge in OPEC+ supply pushed the Brent-WTI price spread near to zero. Although it has since rebounded, we think the spread will disappear by the end of this year. And by 2021, we think that WTI will trade at a premium to Brent.

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