October RBOB prices came under more selling pressure during the overnight session and slipped to a new five day low in the process. This came in the wake of a negative price reversal during yesterday's trade following a move into a new contract high. The cash gasoline market appeared to come under pressure yesterday on an improved US supply outlook, with more supplies coming from Gulf coast refineries and expectations for European shipments to arrive in the weeks ahead. However, yesterday's EIA report showed gasoline stocks falling by 1.177 million barrels, which pushed current inventories to their lowest level since October 2008. This brought current gasoline stock levels to 13.064 million barrels below last year and 5.967 million below the five year average. Average total gasoline demand for the past four weeks was down 0.08% compared to last year. Gasoline imports came in at 799,000 barrels per day compared to 964,000 barrels the previous week.
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