In our latest gasoline market commentary:
> AG barrels remain competitive in the West on decreasing blending costs, although the E/W adjusted upward to keep the margin tight
> Lower gas-nap on the European side is keeping blend costs rising, worsening the T/A arb outlook
> Europe MRs recover their cost advantage for WAF deliveries on higher delivery prices from AG
> High US mogas stocks preventing the T/A arb from opening and maintain Houston as the best alternative for LATAM destinations
