August RBOB prices fell to a new 11-day low this morning and appear to be the laggards within the crude oil complex. Some traders indicated that the market stopped short of the June low of $2.5384. It is possible that the early morning weakness was carryover from yesterday's negative outside day reversal. Meanwhile, some of the weakness in the RBOB market of late could be coming from European debt uncertainty, as well as ideas that the tight US supply situation could ease as refineries switch to a new cycle.
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