October RBOB prices took on a higher track during the initial morning hours and appeared to have its contract high of $3.0402 in focus. In addition to an upbeat macro economic tone this morning, the gasoline market could be concerned with US stock levels falling to their lowest level in more than 3.5 years last week. EIA gasoline stocks fell 2.334 million barrels, which was slightly smaller than expected. Current EIA inventories are 9.947 million barrels below last year and 5.010 million below the five year average. Average total gasoline demand for the past four weeks was up 0.67% compared to last year. Gasoline imports came in at 964,000 barrels per day compared to 690,000 barrels the previous week.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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