July RBOB prices established a higher high during the initial morning hours, boosted by an improvement in outside market sentiment and a rally in the crude oil market. Meanwhile, the Commitments of Traders Futures and Options report as of May 22nd showed non-commercial traders were net long 75,767 contracts, an increase of 937. Non-commercial and nonreportable traders combined held a net long position of 81,521 contracts, for a minor decrease on the week. Open interest in RBOB slipped nearly 7,000 contracts after the report window closed, suggesting further long liquidation from speculators.
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