NYMEX crude opens 1 cent lower despite surging gasoline prices

New York (Platts)--30Apr2007

June crude futures on the New York Mercantile Exchange opened 1 cent
lower at $66.45/barrel Monday despite surging gasoline prices.

A tight supply/demand balance in the US and Monday's contract expiration
in the product contracts with sent gasoline prices soaring on Globex.

"Today's expiration of the May RBOB contract will provide focus and could
provide pricing clues for the balance of the week," energy consultant Jim
Ritterbusch said in a report. "We feel that the geopolitical factor in this
week's trade is apt to fall toward the bearish side in spite of last week's
foiled plot to attack Saudi oil facilities."

May RBOB opened 4.57/gal at $2.4070/gal after trading as high as
$2.4145/gal on Globex. The June gasoline crack spread soared to $28.83/barrel,
a level seen in September 2005 after Hurricane Katrina knocked out over 2
million b/d of refining capacity along the Gulf Coast. May heating oil opened
unchanged at $1.9135/gal.

--Linda Rafield, linda_rafield@platts.com