July RBOB prices fell to their lowest level since January 3rd during the early morning hours, but they managed to reverse to positive on the session. It is possible that the gasoline market is having a delayed reaction to yesterday's EIA inventory data that showed the 14th weekly inventory decline. Last week's draw of 3.299 million barrels was considerably larger than expectations. EIA gasoline stocks stand 8.718 million barrels below last year and 6.780 million below the five year average. Average total gasoline demand for the past four weeks was down 1.90% compared to last year. Gasoline imports came in at 575,000 barrels per day compared to 675,000 barrels the previous week.
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