November RBOB prices slipped to their lowest level since August 9th during the early morning hours, but they have since reversed course. In addition to a weak overnight tone, some traders also pointed to the latest Lundberg Survey as another negative for RBOB prices. The report showed US retail gasoline prices falling more than $0.12 over the last two weeks, and it also called for further declines due to the recent drop in crude oil prices. The Commitments of Traders Futures and Options report as of September 20th showed non-commercial traders were net long 41,499 contracts, a decrease of 3,344. Non-commercial and nonreportable traders combined held a net long position of 48,092 contracts, down 6,662 on the week.
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