Friday, May 4, 2012

U.S. Gasoline (RBOB) Trades Below $3.00

$2.9705 last, down 7.95 cents.
From the CME:

Morning Gasoline Market Report 
June RBOB prices were under heavy pressure during the early morning hours and fell to their lowest since February 8th. It appears that the RBOB market has also come under heavy liquidation pressure in recent sessions. Since the last COT positioning report (as of April 24th) open interest in RBOB has declined by 11.25%, as prices fell a little more than $0.05. This suggests that the breakdown in prices has likely seen a significant drop in net long positioning to a more moderate level.