January RBOB prices bounced higher during the early morning hours, supported in part by a positive macroeconomic tone this morning. It seemed that January RBOB got hit from weak outside market sentiment and a disappointing EIA inventory report yesterday. EIA gasoline stocks rose 3.824 million barrels, which was quite a bit more than anticipated. Current inventories are 4.045 million barrels above last year and 10.402 million above the five year average. Average total gasoline demand remains weak and is down 4.46% over the past four weeks compared to last year. Gasoline imports came in at 776,000 barrels per day compared to 820,000 barrels the previous week.
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