WTI Crude ($WTIC) remains relatively subdued, but Brent ($BRENT) and Gasoline ($GASO) have been moving higher the last several weeks. The top chart shows gasoline relative to crude using a ratio plot ($GASO:$WTIC), and the second chart shows the BRENT-WTI spread ($BRENT-$WTIC). Both rose sharply from mid February to early March. This means gasoline prices are rising relative to oil prices and the difference between Brent and WTI Crude is widening. These developments are bullish for refiners and many refining stocks are up sharply this year. The chart also shows Holly Frontier (HFC) and Western Refining (WNR) with sharp advances the last six weeks. Note that the Brent-WTI spread took a hit on Monday and this affected these two stocks rather dramatically.