It was another slow start for the market as initial losses were gathered up in the mid 21.20’s with March’25 then proceeding to sit near to 21.30 for a prolonged period against minimal interest. It was not until the early afternoon that the smaller traders even showed an interest in participation with a small increase of movement generated as the price flitted through the 21.30’s without and real sign that a wider move would develop. It did serve to draw some additional spec/algo interest however and with the morning lows appearing secure the market punched to new daily highs at 21.61 before stalling when the smaller traders were suitably loaded. Given the thin environment what followed was the inevitable position squaring to erase a good deal of the gains, leaving prices to drift sideways and maintain the meaningless nature of the day. The one noteworthy movement was seen at the top of the board with spread values taking a hit despite the small flat price gain, March/May’25 dropping back to 1.32 points and March/Jul’25 to 1.98 points. The closing stages saw day traders close out any remaining holding and sending the price back to settle a couple lower at 21.36, marking a fourth successive lower session though wider parameters remain unchanged.
The pullback in values has taken its toll on confidence and led prices to sit a little lower this morning, finding support ahead of $550.00 but with insufficient volume flowing in to influence the price by very much. The situation only changed during the early afternoon with smaller traders / specs looking to boost the March’25 value ahead of the weekend and following a couple of false starts they attained a move to $560.70. This proved to be the limits of the rally however with the buyers not prepared to throw too much volume at it, and so a predictable retreat followed back into the range. Spreads were as quiet as the flat price as the weekend approached with a whimper, though prices appeared set to at least conclude positively as March’24 held the $558.00 area into the final hour. It was not to be though and a round of pre-weekend selling as remaining longs squared off their books sent the price tumbling into the close. This resulted in a marginally lower settlement price at $553.60 for March’25 with the March/May’25 spread at $3.60, bringing a quiet week to a conclusion without adding much hope for any significant change ahead.
