In our latest gasoline market commentary:
> Despite dramatically falling freight rates, a narrower TA arb paper spread and higher blend costs are keeping the RBOB arb shut
> Maintenance in the US is set to be frontloaded this year, and should help to keep PADD-3 stocks under control
> European markets should improve in the weeks ahead as supply is constrained to a greater extent in the US and the AG for the first part of this quarter
> Singapore should also see some benefit, and cracks and spreads there which have been softening gradually should have now reached a floor and look higher going forward as a consequence
