Last week, we noted how the recent drop in the spread between Brent and WTI crude oil prices was providing some welcome downward pressure to gasoline prices. Since last week, we have seen a continued decline in the Brent-WTI spread. Just in time for the summer driving season, the spread has now dipped below $13 per barrel, breaking below its lows from early May. At a current level of $12.70, the spread is now at its lowest levels since late January, and it remains stuck in a downtrend that began last Fall in the high $20s.
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