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The run up in distillates in advance of Hurricane Ike coupled with a sell-off in crude as the system began to deleverage itself helped refiners with a brief respite in recent sessions as the crack spread (crude vs. Gasoline & heating oil 321) crossed above $17 for the first time since June. With all indications that damage from the storm was minor, gasoline has come back down although crude continues to outpace it.

Andrew Barber
Director