Morning Gasoline Market Report

By Roger Baettig | May 16 2012 9:22 AM

June RBOB prices extended yesterday's decline in overnight action and fell to their lowest level since January 25th. However, some traders were encouraged by the markets early morning bounce from its 200 day moving average. Meanwhile, private industry data showed a rather large inventory draw in US gasoline supplies last week, but that seemed to have little impact on June RBOB. Market expectations for today's EIA report are for a minor draw in the range of 250,000 barrels. If this occurs, it would be the 13th straight weekly decline.

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