Morning Gasoline Market Report

There was a choppy trade in July RBOB prices during the overnight and early morning hours that remained inside of yesterday's range. Ongoing concerns over the European debt situation have put an added strain on the demand landscape for US gasoline. The latest read on US retail gasoline demand showed a fractional decline in the previous week, down more than 3.0% compared to year ago levels. Private industry data released late Tuesday afternoon showed an unexpected draw in US gasoline stocks last week, which was quite different than expectations for a build in the range of 1.25 million barrels. This seemed to offer a measure of support to prices during the overnight session.