June RBOB prices traded below their 200 day moving average overnight but reversed course during the initial morning hours. While the weakness in RBOB seemed to come from a general risk-off vibe following election results in France and Greece Sunday, the overnight selloff added to last week's 5.4% downdraft. The Commitments of Traders Futures and Options report as of May 1st showed non-commercial traders were net long 88,910 contracts, an increase of 3,802. Non-commercial and nonreportable traders combined held a net long position of 99,584 contracts, for an increase of 5,219 on the week. The one positive in the gasoline market might have come from the sharp decline in prices that could help to boost demand. The latest Lundberg Survey showed US average gasoline prices were down $0.07 in the past two-weeks to an average price of $3.85 per gallon.
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