While everyone thought the drama in the oil market would be coming from OPEC, it seems that it is coming from Ukraine that is moving markets. It seems that Russia is diverting some supply to try to add to the tensions.
The Brent-WTI spread continued to widen due in part to the growing U.S. oil glut but also because of an increase in the geo-political risk trade. Iran dashed hopes that there might actually be progress with the Iranian nuclear soap opera.
This week the main reason why crude oil moved up and down was the saga surrounding the Seaway pipeline. The reversal of this pipeline was perhaps the most important reversal of liquid since they changed the direction of the Chicago River.