In our latest gasoline market commentary:
> USGC continues to be the cheapest source of supply by far, but refinery and trade response set to close the gap towards the end of the year
> Singapore market is beginning to show signs of softening, with premiums coming in lower, but is caught between an increasingly well-supplied East and a tightening AG
> The AG remains on paper the cheapest source of supply into almost every EoS destination, but the market is tightening and it is often cheaper freight now keeping AG-origin barrels competitive
> Lower USGC runs and aggressive pricing look to be doing their job in PADD-3, and focus should now shift to see how inventories develop in PADD-1 as an indicator for TA Arb levels through Q1
