February RBOB prices established a higher high during the initial morning hours but struggled to extend early gains. Some traders indicated that the gasoline market might have drafted support from upcoming refinery work that could tighten up short term supplies. The Commitments of Traders Futures and Options report as of January 3rd showed non-commercial traders were net long 63,497 contracts, an increase of 7,449. Non-commercial and nonreportable traders combined held a net long position of 72,750 contracts, an increase of 9,697 in their net long position.
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