Thesis: RBOB gasoline at $2.8327/gal has corrected -15.4% from its $3.35 July high as crude normalizes and grade switch expectations are priced in. EIA gasoline stocks at 211.3M bbl (-7.5% YoY) remain tight but are stabilizing. The forward curve shows the structural Sep 1 grade switch: Oct at $2.5744/gal is -$0.2494 below the prompt Sep contract — the largest seasonal discount in two years. With the 3-2-1 crack spread at ~$39.50/bbl (elevated vs $20-25 historical), the gasoline margin is pricing in tight inventory dynamics that are beginning to ease. Procurement posture: OPPORTUNISTIC — secure Q4 contracts at Oct-Nov forward levels; the grade switch creates a buying window that closes by late August.