In our latest gasoline market commentary:
> Wide open blend margins were pointing to the need for EBOB paper to soften
> The latest moves lower, however, appear to lack a fundamental justification and can certainly rebound in the short-term
> Barrels out of ARA remain the cheapest source of supply into key export markets, and this source of demand will halt the recent selloff
> ARA’s advantage over the US and AG is set to narrow as we move into Q4 as supply returns on those regions and European refiners switch their full attention to distillate production
