March RBOB prices were the upside leader in the crude oil complex this morning and registered a new high for the move in the process. It seemed that early support for US gasoline prices came from positive news out of Greece, as well as a bullish reaction in outside markets. Some traders also pointed to a rally in Brent crude oil as a supportive force for RBOB prices. The Commitments of Traders Futures and Options report as of February 7th showed non-commercial traders were net long 87,600 contracts, an increase of 4,957 and a new record high level. Non-commercial and non-reportable traders combined held a net long position of 100,376 contracts, for an increase of 5,214 on the week. This also represents a new record high level.
