Summary
The gasoline market has seen pressure in the past two weeks. The summer driving season stalled on arrival, and Oct’24 RBOB flat price fell below $2/gal on 3 Sep alongside the crude sell-off and complete void of bullish intent in gasoline. There was a little strength in RBOB on 28 Aug as there was a 2.2mb draw compared to the 2.15mb draw expected; although RBBR was supported, there was physical selling in the backend of EBOB. The Oct’24 EBOB crack shows this lack of appeal of European gasoline right now as the open interest is around 2mb less than the 5-year average, although it is increasing.
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