September RBOB prices tracked higher in overnight action but remains inside of a trading range. Over the last 13 sessions, September RBOB has been locked inside of a closing range of $3.0249 to $3.0946, and that coiling action favors a break out in the near term. The New York Harbor gasoline market continues to receive abundant supplies from Europe, while the Midwest region faces production short falls from refinery glitches in Illinois and Texas. The latest data from the US Department of Energy showed its 4th consecutive increase in US gasoline prices to $3.70 per gallon. This brings prices in line with the DOE's forecast for a summer average of $3.71, up $0.95 from last summer's average.
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