Prices rise on tight supplies

摘要

Tightening crude supply and firming gasoline margins,as well as the prospect of renewed disruption to Libyan exports,drove prices to five-month highs.Atlantic basin benchmark North Sea Dated climbed to $71.23/bl,up by $1.51/bl in the week to 11 April,having risen above $70/bl for the first time since early November.In the Mideast Gulf,front-month Dubai rose by $1.06/bl to $70.33/bl,and US benchmark WTI was $1.48/bl stronger at $63.58/bl.OECD commercial inventories fell by 21.7mn bl in February from January after three months of increases,but are still 16mn bl above the latest five-year average,the IEA says in its most recent monthly Oil Market Report.”However,in terms of days of forward demand cover,which is a more relevant assessment,they are below it,and have been for some time,”the energy watchdog says.Gasoline markets are helping to drive the complex higher.Having languished at flat-to-negative against crude at the start of this year,gasoline crack spreads in northwest Europe are now closing in on parity to diesel margins,at nearly $13/bl.