Signals from the economy appeared to be bullish and the crude markets rose very modestly while gasoline continued its spring price run-up. WTI has been operating in a very narrow price band between $105 and $109 while Brent's price band has been between $121 and $126. The market may be overpriced for the actual economic conditions but there is still a worry about the global economy despite the seeming product shortage. Taking a quick look at products and it shows that gasoline has overtaken distillate in price this month and seems to have momentum for even more price increases.
Today, WTI+37¢, $106.71; Brent+$1.11, $126.22; RBOB+3.16¢, $3.3546; HO+2.83¢, $3.2712.
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