"Despite a new series of refinery problems in the US taking prompt gasoline prices to new recent highs, crude oil could not break the resistance. It is now the 14th day out of the last 19 that Brent crude oil has traded above 68.00 $/bbl without being able to settle above 69.00 $/bbl."
said oil analysts Petromatrix in their daily report. "The crude resistance is getting re-enforced and since crude oil is no more the solver of the gasoline stock draws it will require new crude related inputs to break higher." Global crude futures were a touch weaker Friday, still underpinned by the current strength of gasoline but to a lesser degree than earlier in the week, market sources said.
"It improved marginally but it it certainly not open," a trader said Friday. "I'm surprised how long the US was keeping the arb shut from Europe,"
another source said earlier this week. Despite recent price hikes and continuously declining stocks, the US gasoline market hasn't gained enough strength to lure European barrels, European trading sources said this week.
Updated: April 27, 2007
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