July RBOB prices traded up to their highest level since May 31 during the overnight action, supported by rally in outside markets in the wake of a larger than expected bailout for Spanish banks. The news fueled risk taking sentiment and was seen as a force bolstering the case for a rebound in global demand. The latest Lundberg Survey for US retail gasoline prices continued to slide in the latest period and stood more than $0.115 below year ago levels. The Commitments of Traders Futures and Options report as of June 5th showed non-commercial traders were net long 70,538 contracts, a decrease of 4,911. Non-commercial and nonreportable traders combined held a net long position of 72,531 contracts, for a decrease of 7,115 during the report week.
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