March RBOB prices traded higher overnight as they tried to rebound from Wednesday's weakness. Yesterday's EIA data indicated a much larger than expected increase in US gasoline inventories, which seemed to be a factor that pressured both the cash and futures markets lower. EIA gasoline inventories fell by 6.2 million barrels, which brought US inventories to 236.228 million barrels, the highest for this week since 1994. Average total gasoline demand for the past four weeks was up 0.59% compared to last year. Gasoline imports came in at 1.173 million barrels per day compared to 644,000 barrels the previous week.
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