WTI December crude settles at $102.78/bbl, Brent at $115.32

The Brent-WTI spread implied by these settlements is unusually wide, pointing to a dislocation between the international and US benchmarks rather than a uniform move across the crude complex. That gap matters most for refiners and for anyone whose exposure is priced off one benchmark rather than the other, since it changes relative input costs. The distillate prints — heating oil and gasoline — suggest the product side is carrying its own signal alongside crude. Whether the Brent-WTI spread persists or compresses is the open question worth tracking.