Gasoline
``Crude is going to have a hard time getting much going'' without fresh bullish news, Access's Frye said. Concern about U.S. equity markets may ``freeze'' investor appetite for taking on more risk in other markets, he said.
Gasoline for April delivery was at $1.8790 a gallon in after-hours trading after falling 2.3 percent yesterday. The contract reached $1.9550 on March 13, the highest in almost seven months.
``Any strength in crude oil is related to robust demand for petroleum products,'' Summit Energy's Samples said. ``The crack spread is the highest we've seen since right after Katrina and Rita. The strength in product prices and the crack will pull crude higher.''
The profit margin or ``crack'' spread for turning three barrels of crude oil into two barrels of gasoline and one of heating oil jumped to $19.8232 on March 13, the highest since Oct. 4 2005, based on closing futures prices in New York. Refineries shut and prices surged when hurricanes Rita and Katrina struck the Gulf of Mexico in August and September 2005.
Gasoline for April delivery was at $1.8790 a gallon in after-hours trading after falling 2.3 percent yesterday. The contract reached $1.9550 on March 13, the highest in almost seven months.
``Any strength in crude oil is related to robust demand for petroleum products,'' Summit Energy's Samples said. ``The crack spread is the highest we've seen since right after Katrina and Rita. The strength in product prices and the crack will pull crude higher.''
The profit margin or ``crack'' spread for turning three barrels of crude oil into two barrels of gasoline and one of heating oil jumped to $19.8232 on March 13, the highest since Oct. 4 2005, based on closing futures prices in New York. Refineries shut and prices surged when hurricanes Rita and Katrina struck the Gulf of Mexico in August and September 2005.
posted by JC | 4:26 PM
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