April RBOB prices traded higher during the early morning hours, supported by signs of improvement in the US economy, a rally in Brent crude oil and a favorable outside market tone. Yesterday's EIA inventory data showed a much smaller than expected draw in gasoline stocks of 396,000 barrels. EIA gasoline stocks are 317,000 barrels above last year and 5.407 million above the five year average. The price action seemed to discount soft US demand readings. Average total gasoline demand for the past four weeks was down 7.84% compared to last year. Gasoline imports came in at 576,000 barrels per day compared to 599,000 barrels the previous week.
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