Winter weather sends prices to new highs

摘要

Cold weather, refinery run cuts and supply losses combined to send crude and products prices to all-time highs. US cash marker WTI broke the 100/bl mark on 19 February before easing back to 98.21/bl two days later, up by 2.75/bl on the week. Atlantic basin benchmark North Sea Dated surged to 97.74/bl, up by 1.81/bl on the week. WTI was pulled to record levels by surging gasoline and gasoil markets, and rapidly widening refining margins. Physical gasoil prices reached record levels of over 900/t in northwest Europe amid seasonal cold weather. The demand-led pull on crude prices was boosted by concerns over disruptions to supply from Venezuela and Nigeria. A drop in the value of the US dollar and speculation surrounding a possible production cut by Opec at its meeting in March helped buoy prices.