The gasoline market was mostly lower overnight, but still trading within Friday's range wide range. Outside market forces were somewhat supportive, as the stock market was at least in positive territory following the steep declines last week. Gasoline did manage to hold up fairly well last week compared to crude oil, ending Friday higher on the day and close to unchanged on the week. So, when the outside market forces turned a little more supportive overnight, perhaps gasoline stood less to gain than crude oil. The Commitments of Traders report as of August 16th for Gasoline (RBOB) showed non-commercial traders were net long 46,741 contracts, a decrease of 4,704 contracts for the week. Non-commercial and non-reportable traders combined held a net long position of 49,806 contracts, a decrease of 6,129 contracts. The selling trend by the speculators is short-term bearish, but the market is far from overbought. The fact that the market has so far held retracement support off of the August 9-17th rally provides some encouragement to the bulls.
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