It is likely that we are going to see demand for heating oil rise in Europe as end-users look for alternatives to gas.
We see prices continuing to rise during the year but the real question is whether we have pushed up a bit too high with speculative interests. I wouldn't be surprised if it came off a little.
It's not surprising crude fell after such a strong rise in gasoline stocks. Once again it highlights that the fundamentals are really pretty weak.
The big positive there was that refinery utilization appears to be on the rise now. The main one coming back on line was the BP Texas City refinery, so with that one coming back we should see further increases over the next few weeks.