June RBOB prices were lower during the morning hours, pressured by weakness in global equity and crude oil markets, a rising US dollar and demand concerns. Overnight data that showed April Chinese industrial production rising at the slowest rate in three years was seen as a negative, as was the JP Morgan news. Open interest in June RBOB has come off 21% from its late April peak. While that might have reduced the spec net long positioning in the RBOB market, the May 1st COT positioning report showed speculators holding a near record long position.
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