In our latest gasoline market commentary:
> The European gasoline market continues its decline with significant pressure on timespreads, while the US and Asia show signs of stabilising after the late August correction
> US gasoline inventories have decreased for six of the last seven weeks, supporting the potential for increased arbitrage from Europe
> Although RBOB arbitrage from Europe to NYH remains unprofitable, recent freight and TA arb movements have improved the margin significantly, stimulating our Q4 outlook
> European barrels have now become the most competitive in Eastern markets, signalling a potential recovery in European blending
