Today, US lawmakers are expected to vote on several key measures in senate, which includes bill to avoid government shutdown in US, tax break for non-carbon energies and to remove a four decade old patriotic ban on US crude export.

While longer term geo-political implications could be large, in the short run the ban lift not only fail to boost WTI, producers are likely to face tough fight at home, and overseas. Current spread of WTI is not sufficient enough to increase Louisiana sweet's preference to gulf coast refiners. Moreover producers from Middle East are already flooding the region with cheap oil

According to latest report from Energy Information Administration (EIA), Saudi Arabia has increased exports by more than a third, while Iraq just doubled it in last one month. Oil from Middle East to US gulf coast is already 30% higher compared to last year. Saudi's in past one month exported 1.36 million barrels/day compared to 1million barrels/day for prior 11 months. Iraq exports now at 420,000 barrels/day.

Brent is currently trading at $37.6/barrel, just at $2.2/barrel premium to WTI.