Morning Gasoline Market Report

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.