Trump’s Message: Buy American Oil

WTI $111.71
Brent $108.78
Spread: -$2.93

That is backwards.

For 19 years, Brent averaged a $5.23 premium to WTI.
Now WTI is trading above Brent by nearly $3.

That is an $8.16 move versus the long-term mean.

In a normal geopolitical scare, Brent should lead.

Instead, inland U.S. crude is pricing above the global seaborne benchmark.

That is not normal.

That is the market telling you the physical system is distorted.