Daily Market Price Updates and Commentary 21st April 2025

A mixed opening was soon followed by some buying which provided the impetus for Jul’25 to trade back above 18.00 for the first time in a week. Highs were registered at 18.05 before momentum was lost, though the environment remained generally steady with the market holding quietly in the 17.90’s. With much of the globe still on the Easter holidays the market was seeing lower depth than usual, and so as the lower US equities drew selling to energy and the rest of the macro it did not take much for the market to slide all the way back to 17.68 as longs headed for the exit while other small specs sold the move. While values remained a good distance from recent lows the pullback certainly served to kill any thoughts of continuing recovery and against a still quiet backdrop and weak macro prices settled into a new band at the lower end of the daily range. All remained quiet through the last couple of hours as volume fell, the main feature through this period being May/Jul’25 spread selling which narrowed it into 0.06 points. The market remained slightly lower as we reached the call resulting in a Jul’25 settlement value at 17.74 which leaves market parameters unchanged when we resume.