July RBOB prices traded down to their lowest level since December 20th during the early morning hours, pressured by growing concerns over slowing global oil demand. Meanwhile, the supply situation in the US gasoline market continues to tighten, but that has offered little support. Yesterday's EIA inventory data showed another decline in gasoline stocks of 833,000 barrels, which was a bit larger than expected. EIA gasoline stocks are 12.104 million barrels below last year and 8.840 million below the five year average. Average total gasoline demand for the past four weeks was down 2.55% compared to last year. Gasoline imports came in at 796,000 barrels per day compared to 575,000 barrels the previous week.
Most Popular Slideshows
- 'Game of Thrones'-like Film, 'The Queen of the Tearling,' Casts Emma Watson as Lead Star and Exec Producer [PHOTOS]
- Kim Kardashian Baby Girl: Suggested Ways Kanye West’s New Born Can Earn Money to Keep Up with the Kardashians [PHOTOS]
- Asus Transformer Infinity Pad, Sony Vaio Duo, Toshiba Satellite, A Look at Intel's Haswell 4th Generation Ultrabooks and Notebooks [Photos]
- 'Fifty Shades of Grey' Movie Casting: Selena Gomez Open to Nude Role, Ready for Anastasia Steele? [PHOTOS]