As the chart above illustrates, the seasonality of the CME Group WTI-RBOB price differential is undeniable for a straightforward reason. Demand for motor fuel in the U.S., the biggest gasoline consumer, always increases when the driving season kicks off towards the end of Q2 each year and diminishes as winter approaches. Of course, unplanned refinery outages or weather-related events can always cause sudden spikes or falls in the value of the spread. Still, the yearly fluctuation in the price differential is plain to see. The question is whether the current and the summer months' values genuinely reflect the ... (full story)