March RBOB prices traded lower throughout the overnight and early morning hours, reversing yesterday's gain and more. The gasoline market came under pressure in the wake of uncertainty surrounding Greek austerity reforms and general weakness across most risk assets. This morning's IEA monthly demand forecast showed its sixth consecutive declining global oil demand, noting that nearly 40% of the demand cut came from weaker gasoline demand. Reports earlier this morning out of Russia indicated that they could raise export duties on gasoline by as much as 4% in March, partly in response to recent gains in Brent crude oil as well as an attempt to prevent shortages.
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