00:00It's Benzinga bringing Wall Street to Main Street
00:02President Trump's consideration of a U.S. diesel export ban is widening the gap between
00:06Brent and West Texas intermediate crude prices as WTI falls, according to Benzinga.
00:11Brent traded at $100.88 a barrel Thursday, while WTI stood at $91.89, putting the spread
00:18at nearly $9.
00:19The Brent WTI price gap widened to nearly $9 a barrel, well above its usual $2 to $5
00:25range, but below the $12.68 spread reached on September 28.
00:30Trump said the U.S. should consider keeping diesel at home as highway diesel prices hit
00:35a record $6.53 a gallon in late September.
00:39The White House denied reports of a planned 90-day export ban, though Trump later said the
00:43administration was seriously considering it.
00:46U.S. refineries turned crude oil into fuels, including diesel, much of which is normally
00:50exported from Gulf Coast plants.
00:52If those exports were blocked, refiners could cut production and buy less U.S. crude, putting
00:57downward pressure on WTI prices.
01:00Analysts said an export ban could reduce refinery demand for U.S. crude if refiners slow operations.
01:05For all things money, visit Benzinga.com
