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Morning Gasoline Market Report

October RBOB prices experienced a gap lower open Sunday evening, pressured by weakness in Brent crude oil and a weak outside market tone. The November Brent vs. RBOB crack spreads (refining profitability using Brent) slumped below the $4.00 a barrel level last week and remains under that level this morning. Some traders indicated that a continued fall in the spread below the $2.00 level could prompt some refiners to halt operations for economic reasons. The Commitments of Traders Futures and Options report as of September 13th for gasoline (RBOB) showed non-commercial traders were net long 44,843 contracts, a decrease of 9,868. Non-commercial and nonreportable traders combined held a net long position of 54,754 contracts, for a decrease of 8,236. Prices were down by more than 2.8% during the report window, but they have increased by $0.04 since.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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