April RBOB prices set a new contract high this morning and appeared to garner upside support from the rally in crude oil. A recent Lundberg survey pegged US retail gasoline prices at $3.50 per gallon, up $0.33 during the last two weeks. Higher gasoline prices in the US has sparked concerns over limiting economic growth and seemed to initiate talk about releasing supplies out from the SPR. April RBOB prices so far have waved-off the prospect of increased supplies. The Commitments of Traders Futures and Options report as of March 1st showed non-commercial traders were net long 58,686 contracts, a decrease of 2,983. Non-commercial and nonreportable traders combined held a net long position of 73,002 contracts, which represents a decrease of 2,738 in their net long position.
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