March RBOB prices trended higher during the initial morning hours and in the process managed to overtake Tuesday's high of $2.5125. Tuesday's wide-range reversal came on a noted increase in volume, which technicians say lends further support to the turn higher. It seemed that reports that a large Port Arthur refinery had closed down Tuesday morning triggered fears of short term supply disruptions and boosted prices. However, despite the short term supply snags, demand remains the key question going forward. This was highlighted with the latest SpendingPulse data that showed a 3.0% decline in retail gasoline demand last week.
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