September RBOB prices climbed to their highest level since July 23rd in overnight action.. Early strength in the gasoline market came from a positive outside tone, with growing hopes that ECB and US Fed could offer up more supportive measures at this week's policy meetings. While that supports the risk-on vibe, there could be a measure of support coming from recent challenges with an Enbridge pipeline traveling through Wisconsin. This could offer support to Midwest cash gasoline prices, especially in the wake of a BP refinery shutdown in Indiana last week. The Commitments of Traders Futures and Options report as of July 24th showed non-commercial traders were net long 70,802 contracts, an increase of 9,305. Non-commercial and nonreportable traders combined held a net long position of 79,950 contracts, for an increase of 12,807 in their net long positioning.
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