In our latest gasoline market commentary:
> RBOB arbitrage from Europe remains marginally open for European blenders, supported by increasing T/A arb
> Houston becomes the cheapest source of supply for Brazil heading into fall, after ethanol costs and freight undermine the economics from Europe
> E5 and E10 blend margins remain profitable in Europe for June and July blends. Gas-naphtha seems to have found a floor around $150/mt, while the blending cost continues to fall due to pressure on light reformate
> Singapore is now the cheapest source for Pakistan for summer arrivals following the correction in freight rates, which reflects a lower delivery price compared to the Arabian Gulf
