April RBOB prices traded lower throughout the early morning hours and registered a new three-day low in the process. While the early morning weakness broke down below Thursday's low ($3.2550), prices have recovered some of their early morning losses. The Commitments of Traders Futures and Options report as of February 28th showed non-commercial traders were net long 92,149 contracts, an increase of 3,941 and to a new record high level. Non-commercial and non-reportable traders combined held a net long position of 106,892 contracts, which is a new record high. This represents an increase of 3,815 contracts in the net long position held by these traders. The buying trend of the speculator is seen as a positive force.
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