Chart of the Day: The Brent Premium Is Nearly $10 Right Now

I’ve got no special reason for posting this, but if you’d like a 30-second break from the insane tawdriness of the Kavanaugh affair, here’s a chart about oil prices:

The two most widely traded grades of oil are Brent Crude and West Texas Intermediate. Most of the time their price in the global market is close to identical, but for the past year Brent has been selling at a significant premium. That premium has bounced up and down, but for most of September it’s hovered just under $10 per barrel. Why?

No one knows for sure. There are some fundamental differences between Brent and WTI, but they’re small and haven’t really changed much lately. The best guess seems to be that Brent commands a premium when traders are nervous about the Mideast oil supply—though I’ll confess that the explanations for this don’t make a lot of sense to me. Regardless, that seems to be the conventional wisdom: when things get worse in the Middle East, both the Brent premium and the price of oil in general get higher. And right now they’re both getting higher.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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