Summary
The front-month RBOB futures contract saw a fortnight of two halves. We first saw prices weaken from $2.23/gal on 3 Mar to an intraday low of $2.07/gal on 11 Mar. However, the following week saw prices rise to $2.20/gal at the time of writing on 18 Mar. Similarly, while the M1 RBBR futures contract dropped from $21/bbl to $18.80/bbl between 4 and 7 Mar, it rose subsequently, trading at $20.60/bbl at the time of writing. CFTC COT data for the week ending 11 Mar showed money managers adding a muted 846kb to their length (+1.45% w/w) while adding a significant 15.1mb (+40%) to their short positions. This change in positioning took net positioning to just over 6mb in the week ending 11 Mar, its lowest level since the week ending 10 Sep last year.
