In our latest gasoline market commentary:
> PADD-3 inventories starting the year at the top of the historical range, 10% higher y-o-y as exports dried up over New Years with demand in export markets apparently insufficient to mop up USGC barrels
> Widening gas-nap spread in ARA helping to jump European exports to the top of the wishlist for African and Middle Eastern destinations
> EoS market appears to be picking up, with physical component premiums and SG92 spreads rising, signalling robust regional demand as outages begin to rack up
> The market overall is giving the impression that Atlantic Basin demand in particular is currently very soft, with both US and Europe unable to move volumes out
