January RBOB prices rallied to their best level since November 10th during the initial morning hours. It seems that a portion of the recent gains in gasoline prices have come on reports that a Pennsylvania refinery was shutting operations permanently. Some traders also pointed to a level of short-covering as a force supporting prices. The Commitments of Traders Futures and Options report as of November 29th showed non-commercial traders were net long 50,724 contracts, a decrease of 3,199. Non-commercial and nonreportable traders combined held a net long position of 53,349 contracts, for a decrease of 3,551 in their net long positioning.
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