WTI and Brent Benchmarks: the relative value of crude oil between North America and Europe

An average spread between the nearest common month to delivery contracts for Brent futures prices and West Texas Intermediate (WTI) futures of $10.77 per barrel during Q1 2010 has impacted how some analyse the market. It has also impacted how some characterise the market, including various ex cathedra pronouncements about benchmarks. During Q1 2010, however, the market asserted its indifference to pronouncements, as it has previously done. We can learn from this indifference or, at least try.