London (Platts)--11May2007

Global crude futures were firmer Friday with concerns over supply from
West Africa and the dominant role of gasoline continuing to impact sentiment,
market sources said.

     At 0951 GMT, the June ICE Brent futures contract traded at $66.35/barrel,
up 54 cents/b from Thursday's close. The front month NYMEX and ICE WTI
contracts changed hands at $62.09/b and $62.10/b respectively, up 28 cents/b
and 29 cents/b.

     June NYMEX RBOB futures were up 1.14 cents at $2.3375/gallon in early
electronic trading on the CME Globex system, nestling just under the $100/b
market. The European June gasoline crack swap Thursday firmed by $2.30/barrel,
to $22.10/b, equalling the 2007 high.

     "The gasoline production capacity (in the US) is taking a double whammy
of restrained refinery capacity and restrained crude feedstock capacity,"
Petromatrix said in a report.

     "The North Sea June program is being issued and will be lower due to
maintenance work and although this was expected it will give further momentum
to any new disruption in Nigeria," it added.

     "You just can't chart the gasoline/crude relationship any more," said a
London-based broker. "Gasoline will do its own thing and so will crude."

     GLOBAL STOCKS

     The latest monthly oil market report from the International Energy Agency
also supported bullish sentiment, saying that world crude stocks could fall
sharply by summer without more OPEC oil and noting tightness in gasoline
stocks.

     "Gasoline stocks are tight and may tighten further in June unless
refinery capacity rises more sharply than current forecasts suggest," the
report said.

     In March, the most recent month with complete data, oil stocks in OECD
countries fell by 17.1 million barrels, or an average of 550,000 b/d, the IEA
said, bringing the average stock draw during the first quarter to what it
called a "dramatic" 930,000 b/d.

     Other oil products futures were also stronger. The June heating oil
futures were 1.66 cents higher at $1.8791/gal. On ICE, the May ICE gasoil
futures contract, which expires Thursday, was trading $12.00/mt higher at
$592.25/mt.

--Paul Hailey, paul_hailey@platts.com