June RBOB prices experienced a flat trade during the overnight and early morning hours. It appears that the tightness in the gasoline market has eased somewhat in the last couple of weeks, evidenced by a breakdown in nearby calendar spreads and modest weakness in coastal cash markets. Meanwhile, the US inventory situation shows a conflicting situation, with gasoline stocks expected to drawdown for the 11th week in a row. Expectations for this morning's EIA report are for a draw in the range of 500,000 to 1.0 million barrels.
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