Gasoline takes control

摘要

Gasoline is taking over from heating oil as the key driver of the oil market as winter nears its end.Rising gasoline prices in the US were a strong force pushing benchmark WTI higher last week,despite rising crude stocks.Cash WTI reached its highest since the end of last year,breaching 60/bl,despite a heavy refinery turnaround season that has blunted crude demand in the US.April WTI ended at 60.78/bl,up by 2.31/bl,and Atlantic basin benchmark dated BFO surged by 4.16/bl over the week to just under 59/bl on 22 February.