Agree , Undoing Brent/WTI spread will take time, I guess spread of $6 to $8 will maintain few months . The next leg down from there is when New pipe lines (a rerouted Keystone XL: from Cushing to Gulf coast for WTI export to Europe ) become operational
<< this positive US Housing news also adding to CL Run-up today >> Home-builder index hits best level in 17 months http://www.marketwatch.com/story/home-builder-index-hits-best-level-in-17-months-2011-11-16 WASHINGTON (MarketWatch) â Builder confidence in the market for newly built single-family homes rose in November to the highest level in 17 months â albeit to a still-weak level â as hope builds in the industry with mortgage rates around record lows. . 1/ The National Association of Home Builders/Wells Fargo housing market index rose 3 points to 20 in November, which is the best reading since May 2010 and above the 19 seen in a MarketWatch-compiled economist poll. 2/ Octoberâs level was downwardly revised by a point to 17, but nonetheless the index has climbed 6 points over two months. 3/ There were over 600,000 foreclosures in the third quarter, according to RealtyTrac data, and thereâs potentially millions of houses in a so-called âshadow inventoryâ of stalled or potential foreclosures. 4/ Though an October Federal Reserve survey of senior loan officers found increased demand for mortgages for the first time since early 2010, few banks reported changes in standards, and the increased demand the lenders did report may reflect refinancing activity. 5/ On the plus side for the housing market, the average rates on 30-year fixed-rate mortgages were below 4% last week for the second time this year, according to Freddie Mac, and the September reading of the National Association of Realtorsâ housing affordability index, which factors in house prices, mortgage rates and median family income, was the third-highest on record.