Summary
The gasoline market has seemed to finish its correction higher as RBBR seems to have topped out at $14.00/bbl in Oct’24. EBOB has failed to receive the strong demand signals shown by the EIA stock draws and has also stalled, as shown by the TA Arb continuing to roof following a period of lacklustre pricing.
EBOB cracks rallied into the end of July, although they have lost many gains made as the Sep’24 contract fell to $15.00/bbl on 6 Aug as the buying seen at $15.95/bbl failed to hold. The backend cracks remain offered.
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