Crude leaps as margins recover

摘要

1. Crude prices jumped in the wake of strong products consumption, as key demand centres endured a cold spell. Atlantic basin benchmark North Sea Dated climbed by SI .81/bl to 97.74/bl, while US marker March WTI leapt by 2.75/bl to 98.21/bl, after settling at a high of 100.01/bl on 19 February. 2. Strength at the front end of the crude market took March WTI to a record-high settlement and a premium to April WTI. The resulting backwardation helped weaken March US domestic crude differentials to benchmark WTI. Light Louisiana Sweet's premium to WTI narrowed by about 1.40/bl to less than 2/bl for March delivery.