What's Moving the Oil Markets?

What's Moving the Oil Markets?

•-Renewed buying activity was supported the recovery of gasoline prices, expectations of a large draw US crude stocks this week and suggestions that OPEC might cut output when the cartel meets in Caracas June 1.

•"There hasn't been a convincing bounce in late trading for a few days until last night," he added, when a surge of interest in the expired NYMEX sweet cude futures for delivery in June helped support IPE Brent futures and NYMEX WTI futures.

•Since last Thursday, gasoline, which had been a driver in helping crude futures reach record highs in early May, has recovered over 6 cents from $1.94/gallon to $2.08/gallon prompting one broker to suggest that gasoline is never comfortably remaining below the $2/gallon level.

•Prices also received a boost late Monday from Valero Energy halting production of low sulfur diesel at its St. Charles, Louisiana refinery after a fire on Saturday damaged a 48,000 b/d distillate hydrotreater.

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