June RBOB prices spent the overnight and early morning hours close to unchanged levels. It appears that the US gasoline market is trying to balance a softer macroeconomic tone this morning against recent EIA inventory data that showed its 10th consecutive weekly draw. Meanwhile, the Joint Economic Committee of Congress is scheduled to hold a hearing on US gasoline prices today, and that could be a force that grabs some media attention. Yesterday's EIA inventory data showed a larger than expected draw of 2.235 million barrels. Average total gasoline demand for the past four weeks was down 4.16% compared to last year.
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