"Crude oil was quick to give back the entire Nigerian premium it took the day before", said oil analysts Petromatrix. "And with continued reports of US refinery glitches it is clearly gasoline against the world. All relative values of gasoline have improved (cracks, spreads) while timespreads on crude have weakened."
On Tuesday, crude futures slumped more than a dollar a barrel after Brent slipped under the $68/barrel mark for the frist time this month, prompting a technical sell-off.

"Technically, while gasoline has a life of its own, crude oil has not been able to break the strong resistance of previous April highs.."Brent has stayed for a month now in a narrow 66/69 $/bbl range. Crude oil remains supported by the strength in gasoline but does not find enough momentum when time comes to justify its own strength."
said Petromatrix, commenting on the current stregth of gasoline due to strong demand and reported problems to several refineries in the US.

Updated: April 25, 2007