June 23, 2011 - 2

The IEA announcement caused a major change in the movement of the two crude bench marks today. Because the shortfall for Europe is caused by the Libyan Civil War, the IEA's move also caused the premium for Brent over WTI to shrink from $18.80 to $16.32in one trading session. The problems in North Africa and the Middle East have raised the premium from an average of $0.76 last year to $15 to $20 most of this year. Today, WTI-$4.39,$91.02; Brent-$6.87,$107.34; RBOB-13.57¢,$2.8376; HO-17.32¢,$2.7817.