December RBOB had a gap higher open Thursday evening and grinded higher during the initial morning hours. Reports of a refinery closure in the US Midwest during yesterday's session helped stabilize the early selling pressure. Some traders also noted that the RBOB market might have become technically oversold after a sharp 5.5% decline from last Thursday's high into yesterday's low. Despite EIA data earlier this week that showed a larger than expected build in US gasoline supplies, they remain more than 4% below year ago levels.
*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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