In our latest gasoline market commentary:
> TA arb unable to move significantly higher with PADD-1 seemingly unconcerned about resupply just yet
> Gas-nap narrowing is harming EBOB blend economics with some naphtha streams under strong demand
> High MR rates out of the USGC thanks to Panama Canal disruption and a lack of vessels ballasting back to PADD-3 is hampering the USGC’s ability to clear inventories towards year end
> With PADD-3 likely to get on top of its oversupply one way or the other by year end, the TA arb has likely hit bottom and has some room to the upside into the New Year
