November RBOB prices fell to a new five day low during the initial morning hours, expanding the downdraft from this week's high ($2.9564) to nearly 4.5%. Some traders indicated that some of the weakness came from follow through selling after yesterday's breakdown below support, as well as mounting evidence of a global economic slowdown. Meanwhile, the gasoline supply situation remains tight, especially in the Northeast US where gasoline inventories sit at their lowest level since October 2008. Tight European and US inventory levels, coupled with active refinery maintenance offer support. However, demand readings for gasoline have come under pressure during the September advance. Sluggish demand readings were highlighted in the latest retail data from SpendingPulse. Forecasts for this morning's EIA data are for a draw of around 500,000 barrels.
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