September RBOB prices came under pressure this morning after breaking out to a new 5-day high. Some traders suggested that the early gains might have come from recent forecasts out of China that showed their two primary firms cutting gasoline exports by as much as 13.5% in Q3 as that nation deals with a supply crunch. Yesterday's EIA inventory data was also seen as a positive, with a slight uptick in demand. EIA gasoline stocks fell 1.588 million barrels. This brought inventory levels to 9.792 million barrels below last year but 4.497 million above the five year average. Gasoline demand was fractionally higher on the week to 9.244 million barrels per day. However, average total gasoline demand for the past four weeks was down 3.43% compared to last year. Gasoline imports came in at 633,000 barrels per day compared to 845,000 barrels the previous week.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
