October RBOB prices grinded higher during the overnight and early morning hours but were contained inside of Friday's range. Some traders indicated that the US gasoline market could be facing some selling pressure as the summer driving season winds down. In the meantime, the market drafts support from a number a refinery challenges, as well as drought conditions in the US that have forced a pullback in ethanol production. The Commitments of Traders Futures and Options report as of August 14th showed non-commercial traders were net long 71,870 contracts, an increase of 2,925. Non-commercial and nonreportable traders combined held a net long position of 85,434 contracts, for an increase of 4,687 in their net long position.
Must Read
LinkedIn
