March RBOB prices traded lower this morning after establishing another new contract high during yesterday's session. Gulf coast gasoline prices traded higher Tuesday, supported by ongoing refinery challenges in the area and indications that short-term demand might be improving. That positive bias was highlighted in the latest SpendingPulse data that indicated US retail gasoline demand increased in the latest week to 9.0 million barrels per day, which was about 4.25% higher than last week's EIA figure of 8.632. However, private industry data Tuesday indicated that US gasoline stocks increased by nearly double expectations of around 2.0 million barrels for this morning's EIA report.
Join the Discussion