The production of gasoline in the U.S. is quite limited compared against the same period last year. And the refinery bottleneck situation is still a problem that drives the market.
Traders need to understand that the supply-demand situation is much tighter in fact, especially since U.S. Gulf of Mexico operations are still mostly down. Demand is still strong, and can only rise in coming months.
Traders are most concerned about the Iranian issue, as the situation appears to be getting worse.
The situation has completely changed since the beginning of October.
It's still very difficult to tell what the situation in winter will be, but as soon as colder weather comes along, prices would definitely go up,