March RBOB prices traded sharply lower during the overnight and early morning hours. The weakness came from concerns of extremely weak gasoline demand that have fallen to their lowest level in 11 years. Some traders noted an increase in buying interest in the cash market during yesterday's slump but were unsure if it would surface this morning. Yesterday's EIA report showed a larger than expected increase in gasoline stocks of 3.017 million barrels. The build reduced the deficit compared to year ago levels to 6.081 million barrels. Average total gasoline demand for the past four weeks was down 7.29% compared to last year. Gasoline imports came in at 1.045 million barrels per day compared to 722,000 barrels the previous week.
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