May RBOB prices trended lower during the overnight and early morning hours but seemed to stabilize ahead of the US opening. Some of the weakness in RBOB prices could be attributed to gains in US dollar, as well as weakness in June Brent crude oil below the $120 level. Comments from US Treasury Secretary Timothy Geithner over the weekend indicated that the US economy was better equipped to deal with the high gasoline prices this year. Meanwhile, the Commitments of Traders Futures and Options report as of April 10th showed non-commercial traders were net long 92,207 contracts, a decrease of 5,430. Non-commercial and nonreportable traders combined held a net long position of 103,307 contracts, a decrease of 7,787 in the net long position held by these traders.
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