With the WTI-Brent spread at 8-month wides, RINs having collapsed, and US investors buoyed by gas prices at the pump near recent lows, the surge in crude oil prices today - by their most since October 2nd - may take some of the 'tax-cut' punch from the party (remember gas prices are still 11.4% above recent seasonal norms). The 2% jump in WTI (and 1.85% rise in Brent over the last 2 days) may have only pushed it back to one-week highs but breaks a trend of lower prices that many have hoped would persist. Desk chatter is that much of this move is a re-up of middle-east premia as Iran's nuclear negotiator says no deal today.
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Bear in mind that despite the euphoria over lower gas prices, they are still 11.4% above seasonal norms of the last 5 years...
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