In our latest gasoline market commentary:
> Houston takes the mantle of most expensive blending hub with Mexico and the rest of Lat Am pointing to ARA for prompt resupply
> This has been made possible by an easing of recent European tightness and a TA arb which is becoming increasingly negative
> Physical premiums in the AG are moving higher, indicating an increasing physical tightness here as maintenance season in the region begins
> A negative E/W through both Q4 and Q1-2024 is looking increasingly detached from the fundamentals, even given redirection of Russian volumes and new EoS capacity
