A BP statistical review of world energy has mapped all the flows of oil in and out of different countries and it makes for interesting viewing of where the all the black stuff goes.
Oil flows 2013
BP Oil imports/exports 2013
It’s surprising to see some of the two way flows and the distance of some flows, for example from Brazil. Of course there are various different blends that countries produce which are used for different things.
The US has a lot of two way action and Adam’s much maligned Canada still only has one real outlet.
Back in the here and now though, WTI and Brent are back up at the highs of the day on the back of further trouble in Iraq.
WTI has pushed up towards the Oct 2013 resistance line again at 106.35 in the July contract. I’ve added another small short in WTI against this level up here.
WTI crude oil daily 17 06 2014
Brent has pushed as high as 113.80 and just shy of the recent highs at 114.69.