February RBOB prices were weaker to start this morning as they meandered inside of Tuesday's wide range advance. Some traders indicated a feature that seemed to weigh on RBOB pricing overnight came from a private industry report that noted a sharper than expected jump in US gasoline inventories. There was some talk that the large inventory build could be the result of waning demand as a result of higher cash prices. The latest SpendingPulse data showed a continued decline in US retail gasoline demand to the lowest rate since September 2005, and their estimate of 8.39 million barrels per day compares with the latest EIA figure of 8.583 million.
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