After an impressive charge higher late last week, August RBOB prices appeared to be in consolidation mode during the initial morning hours. The market might have also been tracking weakness in crude oil and modest gains in the US dollar. The Commitments of Traders Futures and Options report as of June 26th showed non-commercial traders were net long 64,442 contracts, a decrease of 680. Non-commercial and nonreportable traders combined held a net long position of 63,075 contracts, for a decrease of 3,134 in their positioning.
Join the Discussion