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Tight pockets, surplus pools

05/10/2010
By Sam Fletcher
The US oil market has become "a combination of pockets of tightness and pockets of surplus, with a series of contrasting regional and product quality distortions to boot," said Paul Horsnell, managing director and head of commodities research at Barclays Capital in London."While gasoline demand is at a record high for April, distillate demand is more than 15% below its April record. There is currently very little in the dynamics of the US oil market that is even or consistent," he reported Apr. 28.He noted a period of "very strong" oil prices in late April, with a whole series of new 18-month highs being set. On Apr. 26, the Organization of Petroleum Exportin...
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