May RBOB prices traded higher in overnight action and registered a higher high in the process. However, the overnight and early morning range has been rather narrow, suggesting that the market might need an inflow of positive input to drive higher. There was a significant shift in sentiment in the wake of yesterday's EIA data that showed a much larger than expected inventory draw of 4.277 million barrels. EIA gasoline stocks are 7.957 million barrels above last year and 5.580 million above the five year average. Average total gasoline demand for the past four weeks was down 3.95% compared to last year. Gasoline imports came in at 705,000 barrels per day compared to 885,000 barrels the previous week.
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