US Fuel demand fell 1.12% in past four weeks, but gasoline exports jumped last week.

Dramatically different from the seasonal norms.

  However, as Bloomberg notes, despite oil's surge to near $80 a barrel, some corners of the market that reflect the trading of actual barrels are weakening fast.

The nearest Brent time-spread weakened its backwardation to as little as 6 cents on Wednesday, compared with about 60 cents a month ago.

That's in part because for the coming months cheaper US crude is set to flood across the Atlantic, while demand for Brent grades from traditional buyers in Asia has been muted, according to Citigroup Inc.

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