Overview
The gasoline complex continued to be very well supported this week, reaching new seasonal highs across European and Singapore benchmarks. The M1 RBOB swap crack rallied from finding support at the 50-day moving average at $14.00/bbl on 03 Nov and rose to a high of $16.90/bbl on 07 Nov. The contract then rose to be flush with the 100-day moving average at $16.20/bbl. There was an EIA-reported 4.73mb draw in US gasoline inventories in the week ending 31 Oct. This brings US gasoline stocks to 5-year seasonal lows, at 2.5% below last year’s levels and almost 4% lower than the 5-year average level.
