RBOB gasoline at $2.82/gal has corrected 25% from the May peak as Hormuz reopening talks advance and the summer driving surge shows signs of moderating. But physical fundamentals are the tightest in decades. US gasoline inventories are 6% below the 5-year average after a record Feb-May drawdown. Refineries are running at 94.5% utilization with no spare capacity. The market has burned through inventory before peak summer demand has fully arrived. EIA forecasts wholesale gasoline up 50% vs pre-conflict. The procurement call: defensive positioning around seasonal lows, with tactical prompt hedging for peak driving (July-August) while avoiding long-duration exposure ahead of Hormuz clarity.