In our latest gasoline market commentary:
> The options for RBOB arbitrage from Europe are disappearing. Arrivals are already pointing to September with no options for blenders, following the correction of the TA arb, the increase in blending costs in Europe and the rise in freight rates
> E5 and E10 blending costs continue their sharp increases since early June, closing the margin for blending locally and selling in the window during the summer
> Total gasoline stocks remain low in PADD . Larger declines over the next few weeks could bring inventories closer to historic lows and provide some support to the RBOB market in the short term, but we don’t see it as a big driver for the next weeks
> TA arbs lose another 2 cpg during the week, harming the economics for European arbitrage and increasing the competitiveness of Houston barrels in several Latam destinations
