Value indications in the spot CFR Ulsan market remained under pressure in otherwise thin discussion. The market’s focus remains on the weakening dollar-real relationship which has seen the real lose 1.5% of its buying power relative to the dollar since Tuesday. Over the past 6 months the real has fallen more than 20% against the US dollar. September B-grade spec offers FOB Santos remain around 440USD/m3. US Department of Energy data yesterday showed US fuel ethanol production continue to stumble, with US producers still suffering relatively poor margins. US ethanol stocks however drew down more than 2% as blenders are having to keep pace with historically strong summer gasoline demand. An unexpected build in US gasoline stocks however provides a timely reminder that the US summer driving season is rapidly drawing to a close.