October RBOB prices traded sharply higher in overnight action, fueled by a boost in outside market sentiment. Reports during yesterday's session that European Central Bank might unveil a new asset purchase program at today's meeting continue to offer support to the gasoline market. Another source of support for the US gasoline comes on forecasts for a rather large draw in today's EIA inventory report, in the range of 3.5 million barrels. Reports yesterday that the EPA granted eight US states a fuel waiver for refining operations might have been overlooked in the wake of key macro events today and tomorrow.

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