RBOB prices rallied nearly 3.5% higher overnight on reports of a fire at a Venezuela refinery that has halted about 645,000 barrels per day of production. Some traders indicated that the fire could cut as much is 350,000 barrels per day of gasoline imports into the Eastern US, making for even tighter supply conditions. Also offering support to the US gasoline market is Tropical Storm Isaac and a large number of oil and gas operations in the Gulf of Mexico that are evacuating staff. The Commitments of Traders Futures and Options report as of August 21st showed non-commercial traders were net long 70,945 contracts, a decrease of 925. Non-commercial and nonreportable traders combined held a net long position of 84,549 contracts, for a decrease of 885 in the net long position held by these traders.
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