March heating oil prices traded higher throughout the overnight and early morning hours. Gains in Brent crude oil and its increasing premium relative to WTI appear to be offering a level of support. It is possible that support is also coming from increased European demand for jet fuel, which pushed cash differentials in Singapore to their highest level in 3.5 months. This also comes as European refining capacity declines in the wake of Petroplus closing 3 European refiners.
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- Also read: DAILY KITCOMMENTARY FOR: Dec. 23, 2010
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