In our latest gasoline market commentary:
> PADD-3 continues to price aggressively to clear recent uptick in stocks
> TA arb remains necessarily very narrow, with RBOB also under pressure from weak USGC market
> Physical tightness in the Asian market continues and is providing a last lifeline to European exporters
> EBOB’s rally will likely be short-lived, with cracks set for resurgent pressure in the coming weeks and structure already in contango for Q1
