September RBOB began the Sunday evening trade with a gap higher open to $3.10 and has since reversed course. While it is possible that the early strength in RBOB came from compromised refinery operations in Illinois and Texas, a negative outside macroeconomic tone has taken precedence. The Commitments of Traders Futures and Options report as of July 19th for Gasoline (RBOB) showed non-commercial traders were net long 68,693 contracts, an increase of 1,794. The commercial traders were net short 77,945 contracts, an increase of 4,156. Non-commercial and nonreportable traders combined held a net long position of 77,945 contracts, an increase of 4,155 in their net long positioning. The boost in non spec positioning is seen as a positive force for the market.
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