June RBOB prices fell to a new four-day low during the initial morning hours, weighed down by a breakdown in Brent crude oil to its lowest level since January 25th and renewed European debt concerns potentially limiting economic growth. While the outside market tone was weak, it is possible that the gasoline market could garner a level of support from refinery outages over the weekend in Texas and Washington. The Commitments of Traders Futures and Options report as of May 8th showed non-commercial traders were net long 77,482 contracts, a decrease of 11,428. Non-commercial and nonreportable traders combined held a net long position of 85,504 contracts, for a decrease of 14,080 during the report week.
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