April RBOB prices registered a new contract high Sunday evening. Reports that that US gasoline prices are the highest for this time of the year in history has sparked concerns over how high prices could get during the summer peak driving season. It seems that the gasoline market has drafted support from escalating tensions surrounding Iran and tight North Sea crude oil supplies that have bolstered European gasoline prices. Meanwhile, the speculative interest in the gasoline market reached another record level last week, with combined spec and fund net long positions reaching a new record level at 100,789 contracts. The Commitments of Traders Futures and Options report as of February 14th showed non-commercial traders were net long 86,533 contracts, a decrease of 1,067. Non-commercial and non-reportable traders combined held a net long position of 100,789 contracts, for a fractional increase during the report window.
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