December RBOB managed to counter outside market weakness early this morning, as it drafted support from steady Brent crude oil prices. It is possible that reports that Russia was planning to boost export duties on gasoline by nearly 3.5% in December has lent an added level of support for December RBOB. Meanwhile, the Commitments of Traders Futures and Options report as of November 8th showed non-commercial traders were net long 59,632 contracts, an increase of 331. Non-commercial and nonreportable traders combined held a net long position of 68,623 contracts for an increase of 2,377. Money managers were seen as sellers during the report window and probably increased their selling activity during the 9.5% slide since the report window closed.
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