By James Zhang Since the beginning of this year, WTI and Brent have diverged significantly on the back of storage concerns at Cushing, the WTI delivery point. Year-to-date, front-month Brent has gained over 20%, while front-month WTI has only gained 13%. Oil products have largely been tracking Brent instead of WTI. Consequently, fuel hedgers are shifting to Brent for their hedging to seek for better protection. It’s been reported lately that a number of airlines have moved their jet-fuel hedge from WTI to Brent. As a lighter cut in the middle distillate product group, jet fuel is…
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