October RBOB prices established a lower low during the initial morning hours, weighed down by weak outside market forces. Yesterday's EIA inventory data showed a slight increase in gasoline stocks of 199,000 barrels, which was quite different than expectations that called for a 1.0 million barrel draw. EIA gasoline stocks are 16.322 million barrels below last year. Average total gasoline demand for the past four weeks was down 2.92% compared to last year. Some traders indicated that the demand numbers might not reflect the full impact of recent storm activity in the Northeast. Gasoline imports came in at 597,000 barrels per day compared to 608,000 barrels the previous week.
Join the Discussion