March RBOB prices established a new contract high overnight but have since turned lower from those levels. Part of the early gains came in response to a rally in West Coast cash gasoline prices, which were up a nickel yesterday after the EIA inventory data showed a significant drawdown in West Coast supplies. Wednesday's EIA report pegged US gasoline stocks at 240.891 million barrels, which was the highest level in 20 years. This week's build was 4.663 million barrels, which represented a 10.446 million barrel surplus from year ago levels and 15.320 million above the five year average. Average total gasoline demand for the past four weeks was down 0.35% compared to last year. Gasoline imports came in at 1.037 million barrels per day compared to 1.173 million barrels the previous week.
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