In our latest gasoline market commentary:
> Gasoline market exhibiting signs of weakness on both cracks and spreads
> Gasoline market exhibiting signs of weakness on both cracks and spreads
> The naphtha market remains weak and is only finding homes as a blend component for gasoline
> Europe arbs remain shut globally with the exception of NY in the very short term (Until end July loading)
> ​With low Gasoline demand from WAF, NY remains the only bright spot in terms of short term demand. Can this be enough?
> Euro grade cargoes also pointing to ARA for E10 blending to cover a spike in demand in Germany. E10 blending margins are now slightly higher than RBOB Margins ($19 usd/T vs 5cpg)
> With NY as the only short term destination, wth increased supply on the naphtha side and by attracting NWE Eurograde cargoes, are we about to see a continued weakness in Gasoline?
Technical analysis to keep an eye on:
> July spreads in Europe keep coming off. Next support to look at is the 100 day MA ($18.25/MT), followed by the 200 day MA ($14.75/MT)
> July EBOB Cracks are also falling from the multi month high at $24/bbl. Although cracks remain on the upper band of the trend channel, will they test the 50 day MA at $17.8/bbl?
> With NY as the only short term destination, wth increased supply on the naphtha side and by attracting NWE Eurograde cargoes, are we about to see a continued weakness in Gasoline?
Technical analysis to keep an eye on:
> July spreads in Europe keep coming off. Next support to look at is the 100 day MA ($18.25/MT), followed by the 200 day MA ($14.75/MT)
> July EBOB Cracks are also falling from the multi month high at $24/bbl. Although cracks remain on the upper band of the trend channel, will they test the 50 day MA at $17.8/bbl?
