The front-month futures price of reformulated blendstock for oxygenate blending (RBOB, the petroleum component of gasoline used in many parts of the country) increased in November and settled at $1.55 per gallon (gal) on December 1. The RBOB-Brent crack spread (the difference between the price of RBOB and the price of Brent crude oil) declined slightly in November. Although gasoline crack spreads declined during November, the average crack spread was still a record high for the month. Strong domestic and international demand for gasoline likely supported gasoline crack spreads. Preliminary export data indicate that monthly gasoline exports set a record high in November.
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