March RBOB prices traded higher during the overnight and early morning hours and rallied above the $3.00 level in the process. Some traders were confused with yesterday's gains in the wake of a larger than expected inventory build. EIA gasoline stocks rose 1.629 million barrels, which was quite a bit more than expected. Current inventory levels are 9.115 million barrels below last year but 3.119 million above the five year average. Average total gasoline demand for the past four weeks was down 6.90% compared to last year. Gasoline imports came in at 715,000 barrels per day compared to 1.045 million barrels the previous week..
Join the Discussion