- 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.
