July RBOB prices established a lower low overnight and fell to a new 5.5 month low in the process. Some traders indicated that the RBOB market was able to recover from its worst level, helped in part by a rebound in global equity markets. The Commitments of Traders Futures and Options report as of May 29th showed non-commercial traders were net long 75,449 contracts, for a slight decrease on the week. Non-commercial and nonreportable traders combined held a net long position of 79,646 contracts, for a decrease of 1,875 in their net long position.
Join the Discussion