Rise in US crude stockpiles preventing the Brent - WTI spread gap from closing further

The Brent - WTI spread has surged to its widest level since early 2014 over the first few months of this year. 

The main driver of this has been the surge in stocks of crude oil in the US, which has held down the price of WTI as the price of Brent has rebounded. 

Capital Economics notes .....

• Brent futures prices have fallen in line with the recent decline in spot prices. But the short-end of the futures curve has steepened a little bit compared to last month. 
  
  
• Admittedly, the spread has narrowed slightly in the last week, but US crude stockpiles continue to grow, preventing the gap from closing further.