In our latest gasoline market commentary:
> TA Arb has narrowed to cut off prompt RBOB blending opportunities for ARA blenders
> EBOB spreads are on the up thanks to supply concerns, but support shouldn’t last too long
> With ARA now cut-off from almost all export destinations in the Americas and WAF, and E10 blend margins wide open, some correction should be on the cards for EBOB
> Jump in LR freight rates out of ARA, alongside a return of double-digit E/W spreads mean cheapest gasoline supply into WAF now coming from the AG
> Softening USGC component pricing means arbs into the west coast of the Americas are now at parity between USGC and Singapore origins
