November RBOB prices traded in a tight range overnight and within the upper portion of yesterday's advance. Low US gasoline inventory levels, a backwardated European gasoil market and an elevated number of refinery glitches offered support to RBOB. Reports of a refinery fire at a key Exxon operation in Texas, along with growing geopolitical concerns were the primary forces behind yesterday's explosive rally. While the impact of lost output from the Exxon refinery is unknown, any lost production is a concern in a tight physical market.
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