We need some help from gasoline before crude oil can pick up.

When you have a focus on an issue like Iran, hoarding tends to be prompted. Crude oil is not the only area where hoarding occurs; it also takes place in the products. Distributors like to stay ahead of the price rises and hedge by buying additional supply.

We're going to see refineries further ramp up gasoline production as they come back on line. Concerns about gasoline will fade as this results in increased stocks.

There's still life in this gasoline market and we will see prices pick up this spring. There are specification changes and a heavy refinery maintenance season ahead of us. These could erase this supply surplus as quickly as it appeared.

The gasoline market is going to shine in 2006.

Gasoline has led us higher this week and that should continue to be the case. There is a small supply deficit, a lot of refineries have scheduled maintenance early next year and imports are beginning to trail off. The gasoline market is going to shine in 2006.