December RBOB prices had a gap higher open Wednesday evening and made considerable strides in recovering yesterday's losses. A positive outside market tone, a weaker US dollar and sharply higher commodity and equity markets inspired the overnight and early morning strength. Yesterday's EIA report showed gasoline stocks falling 1.353 million barrels, in line with expectations. This pushed gasoline stocks to their lowest level for this week of the year since 2008. Current supplies are 10.024 million barrels below last year but up 1.269 million from the five year average. Yesterday's price weakness in December RBOB came as a result of unseasonably low demand. Average total gasoline demand for the past four weeks was down 2.72% compared to last year. Gasoline imports came in at 675,000 barrels per day compared to 458,000 barrels the previous week.
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