December RBOB traded higher in early morning action, lifted by a rebound in crude oil prices and end-of-month cycle buying in the cash market. Some trades suggested that a number of refinery problems in the Midwest may have contributed to the higher track this morning. The Commitments of Traders Futures and Options report as of November 1st showed non-commercial traders were net long 59,301 contracts, a decrease of 2,856. Non-commercial and nonreportable traders combined held a net long position of 66,246 contracts, down 2,899 during the report week. This comes as nearby gasoline prices slipped 2.0% during the report week. The speculative selling is seen as a negative short term force.
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