Summary
The Mar’25 RBOB futures contract has consolidated in the $2.10/gal region and is supported by the 34-day moving average. It may find resistance at $2.17/gal, a high seen in October 2024 and January 2025. Momentum is neutral, while Onyx’s CTA model shows a near-flat position in RBOB futures. This contrasts with the lagged data of the CFTC COT report for the week ending 11 Feb that showed that money managers were getting longer in RBOB futures.
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