Europe’s balmy weather is presenting oil refineries with such an awful market for heating fuel that tankers bringing supplies from the U.S. are doing mid-Atlantic U-turns because their cargoes aren’t wanted. The same mild winter is, in part, helping to bring one little bright spot: gasoline. The oil industry uses what it calls crack spreads, or the difference relative to crude oil, to calculate what fuels are worth. In every single December since at least 2006, heating oil, or gasoil as it’s also known, has been the stronger of the two fuels, according to data compiled by Bloomberg from ICE Futures Europe and PVM Oil Associates. This year, that historic relationship has broken, as this graphic shows: Gasoil and gasoline profitability in $ per barrel While the mild weather is causing havoc to consumption of fuels related to heating, it’s also giving an unseasonal boost to gasoline by increasing […]