Summary
The gasoline market softened into the latter half of July, with Oct’25 RBOB – Brent futures (RBBR) reaching resistance at $14.80/bbl and seeing lower highs to reach support at $12.55/bbl on 01 Aug. There has been good support in the first week of August. RBBR reached $14.50/bbl at the time of writing on 07 Aug, and the prompt EBOB crack is supported at $15.00/bbl at the time of writing. This is above the 100-day moving average and the strongest the M1 contract has been since 18 Jul. EIA stats for the week to 18 Jul showed a 1.74mb draw in gasoline stocks, with the following week’s data, released on 06 Aug, showing a further draw of 1.32mb in total US gasoline inventories. This remains around 2.0mb higher than last year and essentially level with the 2020-24 average.
