November RBOB prices trended lower throughout the overnight and early morning hours, falling to a new seven day low in the process. It appears that some of the early weakness came in response to the IEA downwardly revised 2012 global oil demand forecast, as well as a measure of weakness in Brent crude oil. It is also possible that the market is consolidating recent gains caused by moderating cash gasoline prices on the West Coast. Yesterday's EIA report showed gasoline stocks fell 534,000 barrels last week. EIA gasoline stocks are 14.187 million barrels below last year and 9.889 million below the five year average. Average total gasoline demand for the past four weeks was down 3.26% compared to last year. Gasoline imports came in at 502,000 barrels per day compared to 573,000 barrels the previous week.
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