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Bears in the Driving Seat

Gasoline cracks weakened, TA arb firmed on RIN strength
Published: February 16, 2026
Written by:
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
Reviewed by:
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
14 page report
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The gasoline market has been under pressure this week, with the Mar'26 RBOB swap crack losing most of the gains it made at the start of the month. The contract dropped from a weekly high of $24.20/bbl on 09 Feb to $22.45/bbl on 16 Feb at the time of writing. This weakness in American gasoline was mirrored in Europe.

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CFTC Summary

Funds boosted Brent and WTI longs; distillates saw risk-off, RBOB shorts fell sharply, while natgas shorts rose on warmer weather outlook.

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Edition: Euro Edition
Quiet North Sea, jumpy flat price and loudmouth Trump all in one day!