• Today proved something of a news dominated session with US/Iranian tensions at the forefront. We commenced higher in reaction to concerns that the overnight Iranian missile strike would prove a catalyst for further activity, however the market soon cooled and prices eased a touch to hold the mid/upper 13.60’s basis March’20. A slow morning played out before spec selling emerged during early afternoon to send us to 13.44, though there appeared to be little basis for this selling with a gradual recovery back into the range following. In a slow fundamental environment the calmer rhetoric from Trumps news conference seemed to remove any remaining concerns of middle east conflict for the near term, sending H20 down to a new session low 13.41, though this paled into insignificance compared to crude which was showing a loss of 4.5%. Some end of day buying took us away from the lows with March’20 settling at 13.47, though technically it was a poor performance which likely sees us entrenched within the 13-14c range.  
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Jon Whybrow

Jon joined CZ in 1991, working in the Treasury department before moving to join the derivatives team in 1994. Over 30 years Jon has built up significant experience across derivatives markets and products, particularly sugar, and is now Head of Flow derivatives providing market execution services for CZ’s global client base. He is responsible for the market commentaries which are published each day on CZ app.

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