Overview
The gasoline complex quickly rebounded from the brief bout of weakness seen in the second half of November. This recovery emerged despite a 2.51mb build in US gasoline inventories in the week ending 21 Nov, although PADD-1 (New York Harbor) saw a 0.78mb decline w/w to 48.8mb, 3.6% lower y/y and 9.8% lower relative to the 5-year average. The front RBOB swap crack fell to a low of $13.70/bbl on 25 Nov, but finally climbed to $15.35/bbl on 27 Nov. Prices subsequently dropped to $14.30/bbl at the end of the month but rose to $14.85/bbl at the time of writing on 01 Dec.
