The Energy Report: There’s been a lot of talk about the spread between West Texas Intermediate (WTI) and Brent narrowing considerably this year. What are you expecting to happen?
Keith Schaefer: The Street is expecting a narrower spread, but I have the opposite view for a pretty straightforward reason. It starts with light oil. The amount of light oil being produced in the U.S. due to the shale revolution is going to completely overwhelm the refineries as early as July. Over the last 25 years, oil refineries in the U.S. have been moving away from light oil to heavy oil.
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