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Brent Surges, but Brent-WTI Spread Remains Large

NYMEX:CL1!   Light Crude Oil Futures
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Brent Crude surged above $110 this week and WTI Crude moved above $96, but the spread between the two remains wide. This chart shows Brent trading some $16 higher than WTI. The indicator window shows the BRENT/WTIC ratio nearing 1.2 for the first time since early March. This is helping the refiners because they buy their raw material ( oil             ) at WTI prices and sell their refined products at Brent prices. Note that Valero ( VLO             ) is up over 35% the last two months.
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