August RBOB prices traded lower during the early morning hours after registering a higher high in overnight action. A weak macroeconomic tone, concerns over slowing global oil demand and sell off in the crude oil market offered early pressure. Yesterday's EIA data showed a larger than expected increase in US gasoline stocks last week of 2.752 million barrels. While that did narrow the deficit compared to last year to 3.974 million, inventories are 5.253 million below the five year average. Average total gasoline demand for the past four weeks was down 3.92% compared to last year. Gasoline imports came in at 919,000 barrels per day compared to 823,000 barrels the previous week.