NYMEX May crude settled up $1.02 at $101.28/barrel Thursday after key technical levels were breached, helping to narrow the spread to ICE May Brent. ICE May Brent settled 80 cents higher at $107.83/b. This pulled the Brent-WTI spread down to $6.55/b, in from a settle of $6.77/b Wednesday. Earlier, however, the front-month spread narrowed to $6.03/b, its tightest since trading at $5.85/b on March 7. Article continues below… Products were higher as well, led by NYMEX April RBOB, which rose 3.37 cents to settle at $2.9426/gal. April ULSD settled 2.83 cents higher at $2.9477/gal. “We broke through a key technical level, with some fresh buying as market starts to rally,” Tradition Energy analyst Gene McGillian said. Front-month NYMEX crude broke through its respective 30-day and 200-day moving averages, with the 100-day moving average appearing to offer a floor. Bollinger Bands, a technical analysis […]