The spread between the US and international crude grades narrowed to $12.89/bbl through March, bringing the prices into their nearest alignment since July of last year, and relieving pressure from a Feb. widening to upwards of $20/bbl. According to analysts, WTI has gained strength amidst declining Cushing, Oklahoma (US) inventories, with increasing amounts of Bakken crude moving direcdy to Gulf Coast refineries via rail. Anticipation of a 2Q 2013 startup for BP's Whiting, Indiana (US) refinery, which has been undergoing upgrades, may also have affected WTI prices, although Morgan Stanley analysts noted, "We aren't convinced that Whiting will run WTI. Even if it does, we believe a marginal narrowing to support rail moves into Cushing is more likely in the near term than a full reconnect with Gulf Coast prices."
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