In our latest gasoline market commentary:
> April E/W widening to double-digits is opening the door to AG or even Singapore-origin barrels into WAF, with Mexico, California, and Ecuador also pointing to Asia
> Europe has little to no arb outlets through April, with only an open E10 blend margin to support additional components demand to compound a bearish EBOB outlook
> European turnarounds through April are a significant limiting factor to the potential EBOB downside, but is unlikely to save it entirely
> Upside for Asia may be limited. A decent pull on arbs within and out of the region not enough to balance supply not constrained by turnarounds in the AG or the main exporters in Asia
> PADD 3 crude uptake is up and supply should also respond, but re-building inventories and supplying export destinations simultaneously justifies a stronger RBOB complex
