November RBOB is on a sharply higher track during the initial morning hours, rallying to its best level since September 17th. RBOB showed relative out performance yesterday on reports of an explosion at a Canadian refinery, and that coupled with another weekly drop in US supply last week has the market nervous. Yesterday's EIA report showed an unexpected draw of 481,000 barrels. EIA supplies are 19.038 million barrels below last year and 8.146 million below the five year average. Average total gasoline demand for the past four weeks was down 0.98% compared to last year. Gasoline imports came in at 491,000 barrels per day compared to 458,000 barrels the previous week. It appears that November RBOB has its sights set on the September high of $2.9527. Uptrend line support comes in at $2.8200.
*Disclaimer: The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.
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