RBOB Futures Lag Behind The Rest Of The Energy Complex
RBOB futures are lagging behind the rest of the energy complex this morning as the market digests the possibility of a new round of widespread lock-downs. Several of the nation’s big cities are considering/proposing two week lock-down orders to help curb the spread of the virus including L.A., Houston, and Atlanta.
The CFTC’s Commitment of Traders report aptly reflected last week’s slow trading showing little change in Managed Money (speculative) positions. The most notable takeaway is the uptick in length of the managed RBOB position, showing increased bets in rising gasoline prices despite its weak performance last week.
Baker Hughes reported yet another decrease in total active oil rigs last week. The net decrease of five active platforms brings the total to 253, a new all-time low.
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