[TLI]

Brent is primarily refined in Northwest Europe. Typical price difference per barrel is about $1 less than WTI, and $1 more than OPEC Basket. However, in 2007 Brent Crude futures have been trading at a premium to WTI of approximately $1 to $3 (NOT $9 to $10) per barrel. The depletion of the North Sea oil fields is one explanation for the divergence in prices.

Nymex Crude Future 34.90 -1.04
Dated Brent Spot 44.23 +.35
WTI Cushing Spot 35.05 -.89

So, the NYMX and WTI are a closer match for the situation here in the u.S. And right now they are at $35.

While gasoline is still going up and refining is about 14% lower than normal (95%)

[thackney]

Also the very high crude stock levels in the US affect this pricing spread. We are not in a normal situation at this time.