December RBOB prices slumped to their lowest level since August 3rd in overnight action but managed to stabilize during the initial morning hours. Some in the trade remained concerned over the closure of two key New Jersey refineries as a factor keeping near term US supplies tight. However, the plunge in demand remains primary factor hanging over the market. The latest Lundberg Survey showed US gasoline prices with their largest two-week decline in nearly four years. The Commitments of Traders Futures and Options report as of October 30th showed non-commercial traders were net long 64,046 contracts, a decrease of 5,433. Non-commercial and nonreportable traders combined held a net long position of 71,585 contracts, for a decrease of 6,689 in their net long positioning. The selling trend of the speculator is seen as a negative near term force.
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