However, some feel that the spread could widen back from here on out. The U.S. Energy Information Administration stated in its monthly report that the spread will average $10.03 per barrel for 2013 – so far, it has averaged $13 per barrel, Pan calculated, which implies that the spread will average $6.75 per barrel for the rest of the year.
Consequently, the lower U.S. WTI prices have hurt U.S. oil producers, while a higher Brent helped boost international energy companies.
Investors who believe the spread will widen in favor of the Brent, can take a look at energy sector ETFs with a larger international footprint. For instance, Pan suggests looking at the Energy Select Sector SPDR Fund (NYSEArca: XLE). XLE holds large-cap energy stocks with a significant international exposure, such as Exxon Mobil, BP and Royal Dutch Petroleum. [Surging Crude Prices Lift Oil ETFs]
For more information on oil, visit our oil category.
Max Chen contributed to this article.