Summary
The gasoline market has capitulated in the last week as the bears woke up from hibernation, putting the summer demand story to bed. Initial short-covering flows earlier this months gave bulls false hope as outright prices gapped down, breaking below previous support levels and falling to the lowest level since January 2024. The front-month September EBOB crack sold off from $15.50/bbl to $12.50/bbl, while the Sep/Oct EBOB spread fell from $45/mt to $38/mt.
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