November RBOB prices were up nearly 1.5% this morning, as they challenged the topside of the two month trading range. Meanwhile, some traders were concerned that the market had traveled too far too fast and could be susceptible to a correction. RBOB prices are up more than 16% from the October 4th low to this morning's high. The Commitments of Traders Futures and Options report as of October 11th showed non-commercial traders were net long 46,377 contracts, an increase of 6,912. Non-commercial and nonreportable traders combined held a net long position of 51,631 contracts, for an increase of 9,349 during the report week.
Join the Discussion