The Brent–WTI spread printed $12.11 a barrel today, widening roughly $1.13 from the prior session's $10.98. Brent settled at $110.54 and WTI at $98.43; both legs rose but at different speeds.

For SNSUC's seven transshipment grades — ESPO, Dubai, Oman, Urals, Basrah Light, Bonny Light and Lula — a wider spread reopens arbitrage windows between delivery points. Landed cost is anchored to Brent, so the widening lifts the dollar-side valuation directly. Today's firmer renminbi at 6.6745 partly offsets that move.

Letters of credit settle 30 days after the bill of lading date, so spread swings during that window feed straight into gross margin; the desk cannot watch absolute oil price alone.