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Diesel Loses Premium to Gas as Jetta Autos Appreciate (Update1)

By Robert Tuttle

Feb. 23 (Bloomberg) -- Diesel, which has traded consistently above gasoline in the U.S. since July 2007, will sell at a discount by April as a global recession saps demand for the world’s most-consumed transport fuel and inventories rise.

“By April, gasoline is going to cost more,” said Andrew Reed, an Energy Security Analysis Inc. oil expert in Boston. “Once we get past heating oil season, it’s all up to diesel demand” to set distillate prices, he said. “The real weakness is going to be exposed.”

The New York Harbor market price for diesel dropped 13 percent in 2009 to within 14 cents per gallon of gasoline, which rose 11 percent, according to data compiled by Bloomberg. Reed sees diesel costing as much as 20 cents less from April until demand for heating oil, its distillate twin, increases in the fall.

http://www.bloomberg.com/apps/news?pid=20601109&sid=aNL3yG.l6ly4