September RBOB prices plunged below their June lows in overnight trade and then experienced a $0.15 bounce back into positive territory. Expectations are mixed on tomorrow's EIA inventory report for gasoline, with some traders calling for a build of as much as 1.0 million barrels. This comes on the back of slumping demand and an increase in refinery capacity. The latest monthly data from the EIA pegged July US gasoline demand at the weakest July reading since 2003.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.