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To: Dennis Roth who wrote (181556)12/11/2013 5:11:07 AM
From: Dennis Roth2 Recommendations

Recommended By
evestor
LoneClone

  Read Replies (1) | Respond to of 206133
 
Energy Weekly: If the US Wants Lower Gasoline Prices, It Should
Export Crude — Lots of ‘Ifs’ but No Cuts at OPEC; Mexican Reforms
Unveiled. Trading Recommendation: Buy June 2014 RBOB vs. HO.
10 December 2013 ¦ 15 pages ir.citi.com

Brent’s rally since November 7th was partly fuelled by a rally in Brent spreads
and a sharp widening of the WTI-Brent spread. Both of these have now gone into
reverse leaving prompt Brent vulnerable. The healthy BFOE loadings program for
January (see fig 35) and continued dismal refining margins in Europe (see fig
40), leave the outlook for Brent spreads moderately bearish, while draws in
Cushing have finally started to rein in the WTI-Brent spread.