Morning Gasoline Market Report for 3/3/2011

By International Business Times,  March 03, 2011, 09:27:59 AM EDT

April RBOB prices traded lower during the early morning hours, pressured by weakness throughout the crude oil complex. There was a positive price action in nearby gasoline futures yesterday, as they attained their highest close since the summer of 2008. Some traders suggested that the gains came in part from a larger than expected decline in US gasoline inventories. EIA gasoline stocks showed a larger than expected decline during the report week of 3.590 million barrels. Despite the decline, inventories remain 2.765 million barrels above last year and 10.124 million above the five year average. Average total gasoline demand for the past four weeks was up 1.03% compared to last year. Gasoline imports came in at 808,000 barrels per day, which matched last week's rate.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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