WTI rose for a second consecutive day but Brent took a breather and dropped moderately. The Middle East unrest that has now spread to Yemen, Bahrain, and Libya, is weighing in on NYMEX but Brent traders were unsure that prices will go much higher. The Iranians have confirmed that they have dispatched two warships to go through the Suez Canal and onward to Syria and the Israelis have alerted the world of their concern. It is thought that the Iranians are trying to distract the world for the heavy handed repression of the anti-government demonstrations there.
The spread between WTI and Brent dropped to $16.34 from $18.88 yesterday. Last year, Brent was frequently selling at a discound and the difference between the two averaged less than a dollar.
Today, WTI +$1.37, $86.34; Brent -$1.17, $102.68; gasoline -1.66¢, $2.5301; distillate -4.28¢, $2.7323.
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