Oil Epicenter's Sway on Prices Begins to Slip - Wall Street Journal

CUSHING, Okla.—This small city, which calls itself the "Pipeline Crossroads of the World," has been the center of the oil market for nearly three decades, housing millions of barrels of the light, sweet crude that make up the world's most actively traded oil contract.

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But that contract, known as West Texas Intermediate, isn't what it used to be. A pipeline-building boom that has flooded Cushing's terminals has kept WTI well below other oil-price benchmarks. A pipeline-building boom has flooded oil terminals at Cushing, Okla., and kept the WTI contract on Nymex well below other oil-price benchmarks.

Oil Epicenter's Sway on Prices Begins to Slip - Wall Street Journal