February RBOB prices trended higher throughout the initial morning hours and climbed to their highest level since September 17th. This upside action comes in the wake of a bearish EIA inventory report yesterday that showed a gasoline build that was much larger than expected at 7.412 million barrels. This leaves gasoline stocks at 233.085 million barrels, which is the highest for this week since 1994. EIA gasoline stocks are 9.282 million barrels above last year and 13.228 million above the five year average. Average total gasoline demand for the past four weeks was down 2.27% compared to last year. Gasoline imports came in at 447,000 barrels per day compared to 487,000 barrels the previous week.
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