In our latest gasoline market commentary:
> European cracks have taken a hammering, though spreads have fared better with backwardation remaining
> The Asian market has picked up counter-seasonally, potentially on supply concerns through upcoming turnarounds amidst otherwise poor refining margins
> E/W narrowed significantly on recent price moves, shutting any marginal opportunities for the AG to arb into the West
> Narrower E/W still insufficient to turn WC Mexico or California back to the USGC with these destinations still pointing to Singapore for their resupply
> $20/mt of the Sept/Oct EBOB spread is the blend cost, leaving $13.50/mt as the underlying backwardation in a market that has otherwise come off strongly in recent weeks
> $20/mt of the Sept/Oct EBOB spread is the blend cost, leaving $13.50/mt as the underlying backwardation in a market that has otherwise come off strongly in recent weeks
