June RBOB prices came under heavy selling pressure early this morning and fell to their lowest level since February 17th. The primary forces behind the weakness in the market appeared to come from a further decline in June Brent crude oil and a weakening outside market tone. June Brent crude oil traded down to a new two month low this morning as it continued to react to the upcoming flow-shift in the Seaway pipeline and further liquidation of long Brent vs. WTI crude oil spreads. This presents a negative force for US gasoline prices because coastal refiners in the US often use Brent crude oil as a pricing benchmark. Meanwhile, expectations for this morning's EIA inventory data are for a weekly draw in US gasoline stocks of around 1.25 million barrels.
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