January RBOB prices broke out above Monday's inside day trading range during the early morning hours. Some traders were encouraged by the early strength and noted a level of cash market support coming from refinery outages in Delaware and Texas. The Commitments of Traders Futures and Options report as of November 22nd showed non-commercial traders were net long 53,923 contracts, a decrease of 3,938. Non-commercial and nonreportable traders combined held a net long position of 56,900 contracts, down 7,883 on the week. Money managers were also sellers on the week, reducing their net long positioning by nearly 6.5% as prices sold-off into a new 6 week low.
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