In our latest gasoline market commentary:
> TA arb remains extremely shut through September and is now also closed for ARA blenders through the remainder of 2023
> TA arb remains extremely shut through September and is now also closed for ARA blenders through the remainder of 2023
> Remarkably narrow TA Arb spreads are to blame. Alongside record EBOB timespreads and negative E/W levels through winter, European strength remains the clear driver
> A raft of planned and unexpected refinery outages are hampering supply whilst end-user demand remains robust and finished grade blending concerns combine to prop up continued bullish sentiment
> Whilst record high seasonal September EBOB cracks may be justified currently, rolling those down the curve to include November and December cracks may be misleading, with the physical market unlikely to justify these levels later in Q4
