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S&P Global Platts Preview of U.S. EIA Data: Likely to Show Gasoline Stocks Rose 1.3 Million Barrels

A slew of refinery problems that surfaced last week likely mitigated the size of an expected build in U.S. gasoline stocks, which should be price supportive for New York Mercantile Exchange (NYMEX) RBOB* futures, despite record-high domestic production, according to an S&P Global Platts preview of this week’s pending U.S. Energy Information Administration (EIA) oil stocks data.

The NYMEX RBOB crack against West Texas Intermediate (WTI) rebounded above $15 per barrel (/b) last week after having fallen to its lowest level since February. The RBOB crack had dropped to $12.15/b on December 15, down from more than $19/b in early November, under pressure from rising U.S. gasoline stocks.

U.S. gasoline stocks have increased six straight weeks by 18.2 million barrels to 227.7 million barrels. Analysts surveyed Tuesday by S&P Global Platts are looking for stocks to have risen 1.3 million barrels last week, versus an average increase of 1.09 million barrels from 2012-16…

 

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